UAE's Mubadala in $1 billion outsourcing deal with Boeing

Abu Dhabi fund Mubadala's aerospace division unveiled a $1 billion contract to build carbon-composite structures for Boeing, boosting the United Arab Emirates' efforts to become a key manufacturer for the aerospace industry. The 10 year deal calls for the Mubadala Aerospace to produce ribs, or strengthening components, for the tail section of the 777 mini-jumbo and the vertical part of the tail for the 787 Dreamliner, Boeing's latest passenger jet.
It also marks the first time, Boeing said, of a direct outsourcing deal for composites production in the Arab world. Airline manufacturers are using more and more lightweight composite materials in their aircraft to boost fuel efficiencies. "It's ballpark about the same as our previous deals with Airbus and Alenia Aermacchi. The payments will be spread over time, according to deliveries," Executive Director Homaid al-Shemmari told.