Archives: Market Intelligences

Manufacturer of Virtual Reality Headset for Pilot Training, Vrgineers, in Cooperation with RealSimulator, to Exhibit at IT²EC in London

Vrgineers, in cooperation with RealSimulator, will exhibit at booth D12 at the International Training Technology Exhibition and Conference (IT²EC) in ExCel, London, United Kingdom on April 9-11, 2024.

The IT²EC is Europe’s largest dedicated event for Defence training. Featuring an exciting mix of cutting-edge R&D in military simulation and training technology, and non-traditional case studies from the likes of the gaming and first responder industries, IT²EC is essential for those involved in this rapidly evolving industry.

Vrgineers will showcase its F-35 and F-16 VR Stations from their partner, RealSimulator, and their cutting-edge Portable Trainers equipped with XTAL 3 VR head-sets, revolutionizing professional pilot training for missions.

Source: Vrgineers
Photo Credit: Vrgineers

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Middle Eastern Airline flynas Receives 50th Airbus A320neo as Part of Order for 120 Aircraft

Flynas proudly celebrated the delivery of its 50th Airbus A320neo aircraft at a reception held at King Khalid International Airport in Riyadh, a milestone within its larger order for 120 A320neo aircraft from Airbus

With an order value exceeding 32 billion riyals, this strategic move represents one of the largest purchases of A320neo aircraft in the Middle East. It reflects the company’s ambitious plans for development and growth, particularly within the aviation sector.

Looking ahead, Flynas is poised for even more substantial growth. The Board of Directors has approved an increase in purchase orders to 250 aircraft, aligning with Flynas’ strategic plan titled “We Connect the World to the Kingdom.” This expansion complements initiatives such as the Pilgrims Experience Program (PEP) and the National Civil Aviation Strategy, aiming to facilitate access to the Two Holy Mosques and connect Saudi Arabia with 250 international destinations.

Furthermore, this milestone isn’t just about aircraft; it’s about creating opportunities. The delivery of these new aircraft has led to the generation of hundreds of quality jobs in the aviation sector, both directly and indirectly. Flynas has recently announced openings in various programs, including the Future Pilots Program, Future Engineers Program, and Cabin Crew Program, welcoming applications from Saudi men and women.

Source: flynas
Photo Credit: Flynas

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Southeast Airline Plans to Invest $450 Million Into Capex for Fleet Expansion

Philippine Airlines (PAL) is gearing up for significant expansion in 2024, with plans to allocate a hefty $450 million, or over P25 billion, for capital expenditures (capex). This substantial investment is aimed at fleet expansion and meeting the rising demand in the market, as revealed by Anna Isabel V. Bengzon, PAL’s Senior Vice-President and Chief Financial Officer.

The capex includes various initiatives such as refurbishing the A321CEOs, aircraft maintenance and upgrades, and the acquisition of new aircraft. PAL’s capex for 2024 surpasses that of the previous year, which was below $170 million, indicating the company’s robust growth trajectory.

Funding for the 2024 spending will be sourced from internally generated funds and debt.

PAL intends to purchase 22 aircraft to bolster its fleet between 2025 and 2029, with plans for nine A350-1000s and 13 A321 New Engine Options (NEOs), enabling nonstop flights to North America, other international destinations, and regional routes in Asia and Australia.

In line with its expansion strategy, PAL is set to inaugurate nonstop Manila-Seattle flights thrice a week commencing October 2. Seattle will become PAL’s sixth destination in the US and eighth in North America, enhancing its extensive network.

PAL President and Chief Operating Officer Stanley K. Ng expressed the airline’s anticipation for the Seattle route, noting the significant influx of US tourists to the Philippines in recent years, “We have been looking into Seattle for a long time already, even before the pandemic. It is always on our radar,” said Ng.

Despite focusing on promising markets like Seattle, PAL remains committed to exploring additional Asian and local destinations. The company is eyeing the revival of previous routes, including Cebu-Osaka flights and operations to Sapporo in Japan, alongside aspirations to resume European flights.

PAL’s ambitious expansion plans are underpinned by its robust financial performance in 2023, where PAL Holdings, Inc. witnessed a notable increase in attributable net income to P16.81 billion. Passenger revenue surged by 37%, reaching P160 billion, driven by heightened passenger volume and route expansions.

Looking ahead, PAL anticipates continued growth in 2024, although at a more moderate pace compared to the exceptional growth seen in recent years. Ms. Bengzon highlighted an expected capacity increase of 10-12%, signaling a shift towards more sustainable growth trajectories.

Source: Philippine Airlines
Photo Credit: Philippine Airlines (shown as meta image)

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