Staff Reporter
Karachi
The total liquid foreign reserves held by the country stood at $15.462 billion on 15-November-2019. Foreign reserves held by the State Bank of Pakistan stood at $8.442 billion. Net foreign reserves held by commercial banks stood at $7.020 billion. Total liquid foreign reserves $15.462 billion. During the week ending 15-November-2019, SBP’s reserves increased by $45 million to $8.442 billion.
Emirates announces $16b order for 50 A350 XWBs
Observer Report
Dubai
Emirates, the world’s largest international airline, announced a firm order for 50 A350-900 XWB aircraft worth US$ 16 billion (AED 58.7 billion) at list prices at the Dubai Airshow 2019. Powered by Rolls-Royce Trent XWB engines, delivery of the first Emirates A350 XWB is expected in May 2023, and will continue until 2028. HH Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman and Chief Executive, signed the deal with Guillaume Faury, Chief Executive Officer from Airbus. This purchase agreement replaces the heads of agreement signed in February where Emirates announced its intent to purchase 30 A350s and 40 A330Neos. HH Sheikh Ahmed said: “Today, we are pleased to sign a firm order for 50 A350 XWBs, powered by Rolls-Royce Trent XWB engines. This follows a thorough review of various aircraft options and of our own fleet plans. It is Emirates’ long-standing strategy to invest in modern and efficient aircraft, and we are confident in the performance of the A350 XWB. “Complementing our A380s and 777s, the A350s will give us added operational flexibility in terms of capacity, range and deployment. In effect, we are strengthening our business model to provide efficient and comfortable air transport services to, and through, our Dubai hub.” Sheikh Ahmed added: “This US$ 16 billion deal reflects our confidence in the future of the UAE’s aviation sector, and is a strong affirmation of Dubai’s strategy to be a global nexus connected to cities, communities and economies via a world-class and modern aviation sector.” “We are honoured by Emirates’ strong vote of confidence in our newest widebody aircraft, taking our partnership to the next level. The A350 will bring unbeatable economics and environmental benefits to their fleet,” said Guillaume Faury, Airbus Chief Executive Officer.
