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H.h. Bin saeed al maktoum
Chairman, Dubai Aerospace Enterprise (DAE) Ltd

Full interview: Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum | Full Interviews

🎥 Nov 18, 2019 📺 CNBC International Live ⏱ 7m 👁 32933 views
Sheikh Ahmed bin Saeed Al Maktoum praises the development of UAE's aviation sector and comments on the order of Airbus jets.
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Transcript (20 segments)
I
Interviewer0:00
Your Highness, thank you so much for joining CNBC. It's great to see you again.
H
H.h. Bin saeed al maktoum0:03
Thank you.
I
Interviewer0:03
Now, I've been covering this air show for more than a decade, and it's a strange thing; by day two, by the time we sit down and talk to each other, not to have heard a really, really massive deal announced. What's the story behind them?
H
H.h. Bin saeed al maktoum0:15
You know, I think the Dubai Airshow is always a place where we want to place our orders. Today, we are placing an order for 50 Airbus A350-900s worth 16 billion dollars. In the UAE, we've had significant deals in the past, like 206 billion dollars in 2013 and over 100 billion in 2017. For this week, I think we'll see a good number, but we must consider that aircraft deliveries are over years, so numbers vary. The aviation sector in the UAE is mature with competition, serving the country well in growth, tourism, finance, and cargo, alongside infrastructure development and national progress. We thank our leaders for their support.
I
Interviewer1:44
Members of the aviation industry, though, in particular, are concerned; they tell me that this era of lower oil prices is impacting the ability of countries like the UAE to make those big purchase orders. Is that something that you're worried about?
H
H.h. Bin saeed al maktoum1:59
I think, you know, if we look at the UAE, they're trying to diversify; they're not talking about just Dubai. As the UAE has survived, they are going into different sectors, their investment approach, and that's really paying off. When it comes to tourism, for example, it is a growing market; we see the number of hotels being built in the UAE and Dubai. We should not forget that next year we have the Expo, and our promise is to put really the best Expo ever. It will be an international event, and I think our airlines will play a major role in bringing a big number of people from around the globe.
I
Interviewer2:59
So you're less concerned with this being a lower deal year than you are with making sure that Expo 2020 is a major success? So you're less concerned with 2019 airshow having less deals on the table than you are with Expo 2020 being a major success?
H
H.h. Bin saeed al maktoum3:16
No, I think if we look at it, there will be an excellent deal by the end of the five days, but you cannot expect sometimes to be all the time in hundreds of billions. You know, we have to think that also those orders will be delivered, so there will always be time. Are we ever going to see another 2013 with that 206 billion in deals? I always be optimistic; I think you will see it. It's always a challenging sector because this is a global industry. Don't necessarily that you have a problem somewhere close to you; whatever it could be—America, the route between the American and the Chinese also—they have their effects, the oil prices, the currencies, and so on. Maybe it could be a problem in Australia or somewhere else, South America has its effect. But also, we have lived on CO2 emissions; I mean, in the last 30 years living in this, we have always to find ways to be able to go around if there is any help.
I
Interviewer4:37
How difficult has the situation in the GCC with Iran made life for you in the industry itself?
H
H.h. Bin saeed al maktoum4:44
You know, it is not only in this part of the world. As I said, I mean, I can give you ten things that has happened around the globe that affected our business this year. I mean, everybody used to talk about the fuel prices; maybe this year goes okay to that level where we see the prices, let's say, in the 60s today, but we have a big hit on currencies, you know, this year, and you are currency or more than few, you know, so you never know what is the future for you.
I
Interviewer5:17
What is it? Oil prices where they are today, using the currency as a weapon, conflict in Iran, US-China trade fears—there's a cornucopia of issues on the table. What worries you most?
H
H.h. Bin saeed al maktoum5:33
You know, I mean, for me, if I will be worrying about what's going on, I won't be able to do anything. I will just sit and wait what will happen. And I'm sure there something will be next. We learn always; we have to deal whether if there is any problem and not to complain about it.
I
Interviewer5:52
In terms of what's happening here at the air show today, the United States has over a hundred and forty exhibitors, and they're the largest foreign country exhibiting at the 2019 airshow. How does it make you feel that they would put so much money, time, and effort into coming to Airshow 2019 and at the same point fail to pony up when it comes to putting a stand at the Expo 2020?
H
H.h. Bin saeed al maktoum6:18
I know, you know, it's different, I think, for the American because usually, you know, the government behind it, but the business behind it, but that's going on now, and we will see the American are there at the Expo. Besides, in total, about 192 countries will be exhibiting. You will see, for example, more than hundreds—I mean, 60 shows every day at the Expo. So I think it coincides all through with the Dubai or with the UAE fifty years, and that would be a big celebration.
I
Interviewer6:54
So when we see what's happened with the Russians in this region and the Chinese in this region, their ability to use economic diplomacy really to create relationships and ties that really weren't there before—is the American mentality missing the boat there?
H
H.h. Bin saeed al maktoum7:09
I think, you know, we are allies with the American, we're also with the Russian, with the European, and we want the UAE to be the best ground where we see all those fears regarding what dispute they have outside; when they come here, everybody are on common ground and everybody happy.
I
Interviewer7:30
And do you think that if there was a monetary gain to be seen, thanks about 2020, we see the Americans pony up for that, a pavilion?
H
H.h. Bin saeed al maktoum7:39
I don't know; we have to sit down. Where it is not that far away to see that Expo, I think in ten months, and now I would say that would be open.
I
Interviewer7:47
Your Highness, thank you so much for joining us.
H
H.h. Bin saeed al maktoum7:48
My pleasure.