The first aircraft in the Arab world will be manufactured in Abu Dhabi by 2018. Homaid El Shemmari, chief executive of Mubadala aerospace company, is working to make Abu Dhabi a global Aerospace center.
With his enthusiasm and drive, one can understand why Homaid El Shemmari was selected as one of the top 500 most influential personalities in the Arab world. Mr. El Shemmari points out that this move comes as a part of a more comprehensive and holistic vision. Mubadala Aerospace is one arm of the Mubadala Holding Group owned by the Abu Dhabi government.
Mubadala Holding Group was launched in 2008 as part of the “Abu Dhabi vision 2030” which aims to diversify its economy and lessen its dependence on oil revenues from 65% to 36%. The vision was first implemented by the Emirate’s founder Sheikh Zayed Ben Sultan Alnahyan.
Mubadala Aerospace aims to be a major partner in the commercial Aerospace industry and a global competitor in manufacturing private jets. The following is an extract from an interview with Mr. , Homaid El Shemmari
Q: How did you come up with the idea of investing in the Aerospace sector through Mubadala Aerospace and why specifically this sector?
A: Well, Mubadala Aerospace is a company fully owned by the government of Abu Dhabi, and is part of an effort to diversify the Emirate’s revenues. The UAE’s economy, like other gulf economies, depends on the oil and gas sector. This sector represented 65% of the UAE’s GDP in 2008. To reverse that, Abu Dhabi launched the “Abu Dhabi vision 2030”. The sole objective of this vision is to reduce the 65% dependence to only 36%. The remainder should be accounted for by other sectors such as heavy production, complementary production, services and tourism. The Aerospace industry was among these aspired for industries. (www.yallafinance.com )