Qatar's efforts to raise debt financing to buy advanced fighter jets from Britain has forced a delay in the deal until later this year, casting a shadow over a visit to London by the emir.
The Qatari leader is due to meet with British Prime Minister Theresa May for a working lunch on Tuesday and hold meetings with other British ministers during the day. The order for the British-made fighters is at the heart of British relations with Qatar. Doha's decision to raise funds from the capital markets for the purchase appeared to catch those close to the deal by surprise last month.
Last December, Qatar agreed a $6.7 billion deal with industry giant BAE Systems for 24 Typhoon fighter jets and the first payment was expected now. However, a source close to the deal confirmed that Qatar was seeking a $4 billion loan to fulfill its obligations that delayed the payment and plunged the agreement into uncertainty.
“Initially the payment was expected around now but (has now been pushed) back to the third quarter on financial records, perhaps late August, so the deal can go through,” the source with knowledge of the contract said. “We don’t know why they need to do this (get the loan), it is their internal process that we are not party to, but we are still confident of payment and expect the deal to go through."
The financing will be backed by export credit agencies. Last December, BAE said the deal was subject to “financial conditions and receipt by the company of first payment, which are expected to be fulfilled no later than mid-2018”.
The British government said the discussions were a matter for commercial negotiation between BAE systems and Doha. “The Typhoons will boost Qatar’s mission to tackle the challenges we both share in the Middle East," a spokesman said. "This is an ongoing commercial matter between BAE Systems and the Qatari government, who continue to progress this deal, which will support thousands of jobs and inject billions into our economy.”
In light of Qatar’s historic wealth, it was not expected at the time of signing that a large loan would be necessary to fund the first installments. Since the diplomatic boycott imposed on Qatar by the Arab Quartet, including Saudi Arabia and the UAE, last year, Doha has engaged in a series of unprecedented debt market issuance exercises.
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In June last year the boycotting countries severed diplomatic relations with Qatar, accusing it of supporting terrorism and siding with Iran. The stand-off impacted the state's economy, shifting trade and leading to budgetary constraints on Doha.
The World Bank said in April that the Qatari economy had flat-lined in the aftermath of the announcement. “GDP growth is estimated to have remained flat at 2.2 per cent in 2017, in part reflecting the effects of the ongoing rift with its neighbours," it said.
While British officials insisted they expected the fighter jet deal to go through, it nonetheless threw a cloud over an agreement hailed by British ministers as a vital safeguard of UK jobs amid an uncertain time as Brexit looms.
The deal was announced in Doha by Defence Secretary Gavin Williamson and his Qatari counterpart Khalid bin Mohammed al Attiyah last December.
Mr Williamson said it was a "massive vote of confidence, supporting thousands of British jobs and injecting billions into our economy".
BAE Systems employs about 5,000 people in the UK to build the fighter jets, mainly at Warton in Lancashire. The Eurofighter Typhoon projects supports some 40,000 jobs in the UK and deliveries were expected in 2022.
BAE chief executive Charles Woodburn said the deal signalled a long-term relationship with Qatar and its armed forces.
The Eurofighter Typhoon entered service with the RAF in 2007 to replace the ageing Tornado fleet.
The Eurofighter Typhoon accounted for nearly a third of BAE Systems' sales in 2016.
It is a joint project between BAE, France's Airbus and Italy's Leonardo, and supports an estimated 40,000 jobs in Britain.
In March, BAE also agreed to finalise talks with Qatar's rival Saudi Arabia on a multi-billion pound order for 48 Typhoon aircraft.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
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Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Company%20Profile
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The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
MORE ON TURKEY'S SYRIA OFFENCE
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Fixtures (6pm UAE unless stated)
Saturday Bournemouth v Leicester City, Chelsea v Manchester City (8.30pm), Huddersfield v Tottenham Hotspur (3.30pm), Manchester United v Crystal Palace, Stoke City v Southampton, West Bromwich Albion v Watford, West Ham United v Swansea City
Sunday Arsenal v Brighton (3pm), Everton v Burnley (5.15pm), Newcastle United v Liverpool (6.30pm)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Where to submit a sample
Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre (Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Turning%20waste%20into%20fuel
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Voy!%20Voy!%20Voy!
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