Dubai announces $15 billion investment to develop aerospace sector
Published: Sunday, February 19, 2006
DUBAI, United Arab Emirates (AP) – The emirate of Dubai said Sunday it would invest $15 billion US to develop a range of airport and aircraft businesses aimed at cashing in on massive growth in air passenger traffic in the Middle East and Asia.
A new company dubbed Dubai Aerospace Enterprise was created Sunday by government-linked developers with plans to invest heavily in 14 segments of the fast-growing airline and aerospace industry.
Dubai already owns Emirates airlines and one of the busiest hubs. It also plans to construct a second airport. The emirate now hopes to widen its reach by selling its expertise to China and India, where some 145 new airports are planned over the next decade, the consortium announced.
“Within 10 years, DAE will become an integral part of the global aerospace industry and a leading player,” said Sheik Ahmed bin Saeed Al Maktoum, a member of Dubai’s ruling family who heads Dubai’s civil aviation department.
Comment: It must be nice to have $15 billion to throw at the development of one itsy bitsy economic sector.
How’s this: New Brunswick to invest $15 billion to develop its aerospace sector.
Reality check: New Brunswick to invest $5 million, over five years, split among 15 economic regions in the development of something we’re not quite sure of but it wil lead to prosperity, trust us.
I once wrote a blog (can’t remember when) outlining that New Brunswick spends about $4 per month per person on economic development – less than on garbage collection.
Perspective, my friends.