A latest report being published on Reuters discloses a major treaty being inked between Dubai-based carrier Emirates Airlines and General Electric Co. The deal is a proper 12 year agreement and will enable Emirates Airlines to get maintenance and repair services for their new and exclusive GE9X engines.
The deal has incurred in a whopping $13 billion and will ask GE to design excellently engineered engines for 150 Boeing 777X jets that Emirates is sourcing from Boeing Co for $56 billion. It is going to be one of the huge deals in terms of money involved, in the history of Dubai’s Airline brand.
The companies are definitely going to play in huge wealth and earn fortunes for themselves. But, how is this deal going to impact the economy of Dubai? Will it be affecting the job market in any way? Let’s have a look:
Airshow-Emirates Airlines&General Electric Co Venture: Impact on Economy
The treaty being inked between the Emirates Airline and GE is definitely going to be fetch fortunes for both the companies in terms of wealth and newly designed powerful engines for aircrafts. The positive impact of this deal on the economy of Dubai is incomparable as one of the booming sectors at the moment, engineering domain, is going to ride high now. A NASDAQ analysis on the news states that the deal will take the usual joint venture to the next level and will enhance the delivery and support of engines.
Over the past decade, GE has been playing a major role in elevating the Emirates’ expanding engine refurbishment capabilities in the Middle East. The venture with a new twists attached may attract foreign investments to come in and encourage more such deals. FDIs will definitely improve the wealth rotation of Dubai and will make the economy grow bigger than what it is today. Even more prosper.
What is in Store for the Job Market?
Such treaties seldom send out signals that may reflect chances of job creation. However, if analyzed correctly, then deals incurring a huge amount like this one can actually create a lot of employment opportunities.
The deal clearly states that GE Aviation will be engineering a good number of engines and for this it will definitely be setting a manufacturing and a supply plant in or nearby Dubai in order to avert any transportation or overhead costs. Therefore, there will be a huge requirement of engineers and designers for crafting the engines.
Apart from this, there will also be requirement of following personnel on a huge basis:
- Shop-floor workers like Junior Engineers
- Designers for framing the on-paper complex design of engines
- Aeronautical engineers who will be in-charge of eyeing upon functioning and failure tracking, if any
- Quality Auditors involved in keeping a tab of quality of engine parts and the whole design
- Public Relation officers for maintaining smooth inter communications and interaction with the masses for promoting the newly engineered aircraft
- Personnel for managing the operations department in order to make sure that the joint venture runs for a longer time frame and deliverable are timely.
A venture like this that incurs a lot of wealth is not only fortunate for the companies but also for the economy and the employment market, respectively.
Dubai’s Airshow Emirates airline and GE Aviation has signed a deal that will definitely benefit the economy as well as a lot of job wanderers who are keen on making their professional career in UAE. The treaty will attract more such companies to come up and invest in different projects or in the same project so as to make the supply and wealth even double.
AUTHOR BIO: Vineeta Tiwari is a professional writer and blogger who keenly follows global economy and employment market. She has written a range of informative articles on job markets and leadership roles that defines the structure and functioning of an organization in any part of the world.