tag

Developing Emirati aviation talent is the focus of a new partnership between a UAE-based aerospace engineering and asset management solutions leader and the nation’s federal aviation regulator.The memorandum of understanding (MoU) signed between Sanad, wholly owned by Abu Dhabi’s sovereign investor Mubadala Investment Company, and the General Civil Aviation Authority (GCAA), at the GCAA Career Fair will channel mentorship, recruitment, and training initiatives into building a stronger national workforce for one of the country’s fastest-growing industries.“Our collaboration with the GCAA reflects a shared commitment to investing in the UAE’s most valuable asset, its people. Together, we are building pathways that enable young Emiratis to develop the skills, confidence, and global exposure needed to thrive in aviation.“This partnership not only supports Sanad’s talent strategy but also aligns with the UAE’s vision to position our nation as a global hub for aviation excellence,” said Mansoor Janahi, managing director and Group CEO of Sanad.Omar bin Ghaleb, director general of the GCAA, added: “Empowering Emirati youth is essential to sustaining the future of our aviation industry. Through this partnership with Sanad, we aim to create opportunities that connect education, industry, and national ambition.“By inspiring the next generation and equipping them with world-class skills, we are ensuring that the UAE continues to lead with innovation, safety, and excellence in global aviation.”The MoU aims to strengthen collaboration in advancing Emirati talent development, youth engagement, and national workforce empowerment within the UAE’s growing aviation sector.Under the agreement, Sanad and the GCAA will jointly promote the UAE’s next-generation aviation programmes, including Sanad’s new GTF Engine MRO Centre in Al Ain, while supporting national initiatives that encourage Emirati youth to pursue careers in aviation.The collaboration will focus on recruitment drives, awareness campaigns, and mentorship programmes connecting students and graduates with industry experts, helping them build skills, gain real-world experience, and play an active role in shaping the UAE’s aviation future.This focus on youth development comes at a critical time for the sector, as the UAE’s aviation industry continues to expand and drive national economic growth. According to Oxford Economics, aviation and aviation-related sectors support approximately “992,000” jobs across the country.The International Air Transport Association (IATA) reports that the industry directly employs more than “206,800” people and contributes around “AED95.7bn” in economic output.In Dubai, an Emirates Group study conducted with Oxford Economics found that aviation-led activity accounted for “631,000 jobs in 2023,” with a further “185,000 positions expected by 2030,” underscoring the growing demand for a skilled Emirati workforce to sustain the industry’s future momentum.As the demand for skilled talent rises, the partnership will inspire and equip young Emiratis to pursue meaningful careers in aviation, providing clear pathways through internships, apprenticeships, and mentorship opportunities. These initiatives will ensure that youth gain the practical experience, technical expertise, and professional confidence needed to succeed in the aviation workforce.The collaboration will also extend to community engagement through the ‘Love Your Sky’ campaign, which leverages youth-focused programmes, job fairs, and school activations to spark passion for aviation. These efforts will be reinforced by youth ambassadors who will champion aviation careers and serve as role models for their peers across the UAE.By combining the regulatory leadership of the GCAA with Sanad’s industrial and technical expertise, the partnership will establish a unified platform for knowledge exchange, industry visibility, and Emirati talent development, further reinforcing Abu Dhabi’s and the UAE’s position as a global aviation hub.As part of the agreement, both parties will launch joint programmes and initiatives to promote youth engagement, professional development, and career readiness in aviation, reinforcing their shared commitment to nurturing the UAE’s next generation of aviation leaders. 

Qatar Investment Authority (QIA) and Goldman Sachs Asset Management (Goldman Sachs) today announced the signing of a Memorandum of Understanding (MoU) to expand their strategic partnership.QIA will target committing a combined total of $25 billion to funds managed by Goldman Sachs Asset Management and co-investment opportunities.QIA will support Goldman Sachs Asset Management across both existing business strengths and with new business growth, as well as direct investment opportunities."QIA is pleased to partner with Goldman Sachs in this landmark agreement, which sees two institutions with aligned investment goals joining together to gain enhanced access to world-class investment opportunities for the years to come. This agreement builds on our longstanding relationship with Goldman Sachs and provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit," said Mohammed Saif Al Sowaidi, CEO of QIA."Importantly, this partnership extends beyond capital deployment. By committing to expand its presence in Doha as a key strategic hub for asset management, Goldman Sachs is reinforcing Doha's position as a regional financial centre. This commitment will deliver meaningful benefits to our economy through knowledge-transfer, job-creation and enhanced expertise in alternative investments. We look forward to working with the Goldman Sachs team to source and execute transformational investments that generate strong risk-adjusted returns for Qatar's future generations.""Qatar is on an exciting path of economic diversification, including the expansion of its impressive ecosystem of national champions, the development of its capital markets and the growth of its talent base," said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs."This creates substantial opportunity to widen the state's impact, global connectivity, and attractiveness as a multi-faceted investment partner."The expanded partnership will see QIA commit as an anchor investor in several of Goldman Sachs' flagship and innovative strategies and will enhance cooperation between Goldman Sachs and the State of Qatar on numerous levels, including: Goldman Sachs will meaningfully grow its headcount in Doha, with the office becoming a strategic hub and the largest regional office for asset management.The expanded footprint will provide further resources to Qatari clients and support global clients in accessing economic opportunities across the wider region.The firm and its Value Accelerator network will provide resources to the State of Qatar to help achieve national development objectives, benefiting the broader financial ecosystem and fostering connectivity with regional and global partners.Goldman Sachs will look to provide strategic advisory services and guidance on capital formation, M&A opportunities and the development of Qatar's economy and capital markets, including by encouraging foreign direct investment opportunities and supporting the growth of key Qatari companies.Goldman Sachs will draw on its global network and convening power to work with the State of Qatar on fostering increased dialogue and partnership between Gulf Cooperation Council countries and global partners, including Asia-Pacific countries.Goldman Sachs is one of the leading investors in alternatives globally, with over $625 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customised partnerships, and open-architecture programmes.Its centralised Value Accelerator platform of experienced operating advisors partners with portfolio companies to help build enduring businesses.Together, QIA and Goldman Sachs will seek to explore several other avenues to enhance their cooperation to the benefit of both parties and their stakeholders. The agreement remains subject to certain terms, conditions and deliverables. 

Indonesia’s sovereign wealth fund Danantara is reducing its financial support for flag carrier PT Garuda Indonesia, putting in doubt the distressed airline’s ability to refresh its fleet.Garuda will now receive 23.7tn rupiah ($1.4bn) from PT Danantara Asset Management, an arm of the wealth fund, through a private placement, which comprises a cash injection and a loan conversion, according to an exchange filing. The airline was supposed to obtain $1.8bn under a plan drawn up last month.In addition to covering finance expenses and providing working capital, Danantara Asset would have helped with fleet expansion. However, Danantara Asset notified Garuda that “there is also an adjustment to the planned use of funds, which no longer includes fleet expansion,” the airline said in a separate statement.The carrier has struggled financially since the Covid-19 pandemic and has grounded an increasing number of planes because of difficulties making maintenance payments. The number of idled jets operated by the company and subsidiary low-cost carrier PT Citilink Indonesia rose to 51 as of June, nearly 40% of the group’s total fleet, and up from 33 a year ago.Leasing new planes comes with high price tags amid a dearth of available aircraft and a global surge in travel. The carrier earlier this year paid twice as much to lease a Boeing Co 737 Max jet than it does for older 737 jets.Garuda should focus on getting some of its grounded planes flying again, said Gerry Soejatman, a Jakarta-based independent aviation analyst.“Ordering new planes for early delivery is going to be very expensive, and probably less prudent financially,” he said. “It is better to see the grounded jets being put back into service or returned to lessors before Garuda place big aircraft orders.”