International Project Management Investment (IPM), a Dubai-based investor, yesterday said it has entered into an agreement with Corporate Consulta SA of Fribourg, Switzerland, to create a Dh1-billion advanced aviation technology joint venture Jiahang United Seating Technologies (JUST).
JUST was structured by and between Aerospace Life-Support Industries and Corporate Consulta, a Swiss corporation that has Aerospace Life-Support Industries and United Seating Technologies.
United Seating Technologies brings together design partner Bertone, and an engineering and manufacturing partner Optimares, with ultramodern capabilities.
United Seating Technologies UAE (UST-UAE), investment project of IPM Investment will be a 30 per cent equity shareholder in the Swiss United Seating Technologies.
Its first product is the economy class X-Light. Combining aluminium and carbon composite technology, the seat weighs 6kg per passenger place. The company also intends to apply this technology to its premium economy, business and first class seats.
IPM Investment has teamed up with Shaikha Hind Bint Abdul Aziz Al Qasimi, chairperson of the Emirates Business Women's Council (EBWC), to offer GCC's high net-worth leading businesswomen the opportunity to invest in this aircraft seating and interiors project.
At an investor event held at The Address Hotel, Dubai Marina, on Saturday, Shaikha Hind presented the investment project, and the joint venture between the Swiss United Seating Technologies and Aerospace Life-Support Industries, a wholly-owned company of China Aviation Industry Company.
The joint venture will become a global player in aircraft interiors, by producing a full line of seats. It plans to introduce nine models to begin with, covering economy, premium economy, business and first class for existing aircraft types and
new-generation aircraft, Shaikha Hind said.
"We see this joint venture becoming a major player in the aircraft seating and interiors market, where new products are in high demand and supplies are insufficient," said IPM's Chairman, Captain Mohammad Al Minhali.
US aircraft manufacturer Boeing estimates that 30,900 new deliveries will be made in the next 20 years that would require approximately 6 million passenger places.
Meanwhile, industry indices for refurbishment indicate that as many as 16 million passenger places will be required for new aircraft alone.
JUST calculated that this, combined with the refurbishment of aircraft currently in service, places the demand for new seating at over 20 million seats.
From / Gulf News