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DUBAI: EDGE Group, an advanced technology group for defense and beyond, on Sunday launched a series of advanced unmanned aerial vehicles on the first day of Dubai Airshow 2021. QX-5 and QX-6, modern vertical take-off and landing drones, and Rash 2H, a high-precision guided munition system have been designed and manufactured in the UAE. Faisal Al-Bannai, CEO and managing director of EDGE said: “The unveiling of new additions to the QX and Rash families, with the prototypes of these ranges launched only nine months ago, highlights our commitment to bringing new advanced products and technologies to market with speed.” Built for intelligence, surveillance, and reconnaissance applications, border security, and other military operations, QX-5 is a fixed VTOL UAV that is designed for an extended endurance of 16 hours, with a 25 kg payload capacity. Featuring advanced autopilot and communication systems, the tactical drone can be utilized in multiple mission scenarios. Similarly, QX-6 is a VTOL UAV featuring cutting-edge autopilot and communication systems to perform missions autonomously without the need for remote control. Ali Al-Yafei, CEO of ADASI, said: “ADASI is transforming future missions with its continuous advancement in unmanned technology. The launch of our new products at this year’s Dubai Airshow demonstrates our sheer dedication to achieving this goal.” Rash 2H is a cost-effective, high-precision guided munition system capable of swiftly engaging small-to-medium-sized threats. Featuring the highest payload in the Rash family, the system is ideal for patrol missions, border security, and targeting high-value threats. Owing to its laser designation system, Rash 2H ensures accurate target acquisition and tracking for both day and night operations.
HALCON Sister EDGE company, HALCON, unveiled the Hunter 10 – Tube Launched Drone (10 kg), featuring a take-off weight of 47 kg that can be fired from the back of an armored/artillery vehicle. The drone is suitable for recon and attack missions, operating at a cruising speed of 60 knots, with an endurance of 40 minutes. It features a wingspan of 4.2 meters, length of 3.4 meters, and is run by an electric engine. The Hunter 5 – Tube Launched Drone (5 kg) was also unveiled at the Dubai Airshow, possessing a take-off weight of 16kg. The drone is suitable for recon and attack missions, operating at a cruising speed of 40 knots, with an endurance of 30 minutes. It features a wingspan of 2.4 meters, a length of 1.9 meters, and is run by an electric engine. Commenting on the new array of advanced drones, Saeed Al-Mansoori, CEO of HALCON said: “HALCON as an EDGE company places a strong emphasis on innovation and future-proofing our product range. These UAVs represent the continuing commitment to provide clients with the most advanced platforms that support their evolving mission-critical needs, and we are proud to have the ability to do so from our base right here in the UAE.” EDGE used its headlining participation at Dubai Airshow to also showcase the Hunter (Hand Launched Drone — Rotary), which possesses a take-off weight of just 2 kg and can be placed into the fight by hand. The drone carries a payload of 400 g, flying at a maximum altitude of 500m. It operates at a cruising speed of 25 knots, is 200mm long, and features twin rotary blades spanning approximately 500mm, which run off an electric engine. The Hunter has a flight endurance of 30 minutes, with a communications range of 5km MITL.
Fixed-wing drone A final UAV unveiled at the Dubai Airshow was the Reach-S, which is a fixed-wing drone possessing a take-off weight of 400kg and can carry a payload of up to 120 kg. It can attain an altitude of 19,000 feet, reaching a cruising speed of 80 knots. The drone has a wingspan of 10m and a length of 5.5m, featuring a Rotax 912 engine that provides 24 hours endurance. Reach-S has a communications range of 200 km and is suitable for recon and transportation missions with its reusable functionality.
RIYADH: RAYA Customer Experience has signed a $20 million strategic partnership contract with communications and information technology firm Zain Saudi Arabia.
Sultan Al-Daghthir, CEO of Zain Saudi Arabia said the deal with the firm — a subsidiary of Raya Holding for Financial Investments — confirms his company’s commitment to “innovative quality services”.
He added: “Also, (to) directly contribute to supporting the digital transformation process in the Kingdom to achieve a diversified and sustainable digital economy and improve the quality of life in accordance with the objectives of the Kingdom’s Vision 2030.”
RIYADH: Outdoor advertising provider Arabian Contracting Services Co., known as Al Arabia, has posted a 63 percent surge in its profit during the first half of 2022.
The Riyadh-based firm, partly owned by media giant MBC group, saw its net profit rising to SR128 million ($34 million) from SR79 million during the same period last year, a bourse filing revealed.
Economic recovery, along with a continued digitization push in the Kingdom, led to an 80 percent increase in revenues year-on-year to SR551 million.
Al Arabia said that digital transformation led to an expansion in its client base in the current year to include new sectors, which, in turn, propelled solid first-half figures.
It added that the results were bolstered by the company's efforts to enhance regional expansion and enter new projects and strategic partnerships.
RIYADH: The European Bank for Reconstruction and Development's annual allocation of funds to Egypt might exceed €1 billion ($1 billion) as the country is set to host the next UN Climate Change Conference, said a top official.
As the bank invests €1 billion in Egypt on an annual basis, it plans to finance projects aiming at supporting a green transition, the managing director for the EBRD’s Southern and Eastern Mediterranean region said.
“We will be financing projects that support green transformation, as the focus this year will be on green investment, in terms of supporting more renewable energy as well as environmentally friendly transportation and green cities,” Heike Harmgart explained.
Egypt will host the 27th session of the UN Climate Change Conference, known as COP27, in November in Sharm El-Sheikh.
Last May, it launched its billion-dollar National Climate Change Strategy 2050 to support a stronger, greener Egyptian economy.
CAIRO: Egypt is likely to devalue its currency to partially offset the impacts of rising inflation, credit rating agency Moody’s said in a report.
Food price inflation in the North African country has been witnessing an upward trend over the last two years, reaching 22 percent in July 2022.
The ability of monetary policymakers to gradually downgrade the Egyptian pound will depend on the degree and consistency of financial inflows mainly from Gulf Cooperation Council countries, the report added.
Moody’s explained that in order to effectively handle the state’s monetary situation, officials need to fend off the aggressive cycle driven by inflation, net capital outflows, currency depreciation, rising domestic and external borrowing costs, and debt servicing.
“However, this policy is not without risks as the inflexible exchange rate policy could further delay agreement on a new IMF program and restore access to global debt markets,” it said.
Egypt’s credit rating was set at B2 with a negative outlook by Moody’s, suggesting the country’s lack of ability to meet its financial commitments and therefore not of an investment grade.
This followed President Abdel Fattah El-Sisi’s appointment of Hassan Abdullah as the new central bank governor replacing Tarek Amer who recently stepped down.
The agency showed that the leadership change indicated broader policy changes to come in response to the escalating credit risks, a drop in foreign currencies, and the increasing payment risks.
The agency pointed out that the appointment of Abdullah, who established close regional relations during his tenure at the Arab African International Bank, especially with GCC countries, coincides with Egypt’s increasing financial exposure to those nations in light of the large inflows to compensate for the external flows from short-term investments in debt instruments.
According to Moody’s, Egypt’s exposure to the GCC countries exceeded $25.9 billion in liquid foreign exchange reserves at the end of last July.
Egypt seeks to rely on the Gulf countries to increase the value of foreign direct investment as an alternative to temporary funds, by selling stakes in Egyptian companies.
LONDON: The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, produced 2.892 million barrels per day below their targets in July, two sources from the producer group told Reuters, as sanctions on some members and low investment by others stymied its ability to raise output.
Compliance with the production targets stood at 546 percent in July the sources said, compared with 320 percent in June, when the supply gap stood at 2.84 million bpd.
OPEC+, which includes Russia, agreed to increase output by 648,000 bpd in each of July and August, as they fully unwind nearly 10 million bpd of cuts implemented in May 2020 to counter the COVID-19 pandemic.
The group agreed this month to increase production targets by another 100,000 bpd in September, under pressure from major consumers including the United States which are keen to cool prices.
Only Saudi Arabia and the United Arab Emirates are believed to have some spare capacity and will be able to increase production in a meaningful way.
Global oil production spare capacity, mainly concentrated in the two Gulf producers, is already at historical lows.