Malaysian budget carrier AirAsia announced on Wednesday a firm order of 150 Airbus A220 jets manufactured in Canada, with 150 options to purchase a larger version of the jet if Airbus makes it.

The announcement was made at an event near Montreal.

In January, Reuters reported that Airbus would start offering a larger version of the plane, called an A220-500, to airlines and leasing firms. AirAsia’s option to buy the larger plane does not involve the same level of commitment as its firm order of 150 A220s, which requires a deposit.

Read more-AirAsia X pushes ahead with Bahrain hub plans, welcomes new chairman

AirAsia CEO Tony Fernandes said in an interview he believes Airbus will produce the larger version of the jet with 180 seats that would replace Airbus’s A320 family, leaving the plane maker to focus on its larger A321 jets.

The plane, designed originally by Canadian plane maker Bombardier, typically seats 110 to 130 passengers.

“This plane was built to be stretched when Bombardier built it,” said Fernandes, who added he would be the A220-500’s launch customer.

Airbus, however, is now trying to ramp up production of its existing A220 jets so it can break even on the money-losing program it essentially took for free from Bombardier in 2018.

It has also faced pressure from Embraer’s SAE2, which won a campaign with Finnair in March, and outsold the Airbus A220 three-to-one last year.

Airbus commercial aviation CEO Lars Wagner said the European plane maker intends to take a decision on whether to do a larger version this year and that reaction from airline customers is positive.

“It obviously helps if we have a customer like Tony who publicly said he’s going to order another 150,” Wagner said in an interview. “I see a lot of demand.”

AirAsia is the “launch customer” of the A220’s new 160-seat cabin configuration.

The province of Quebec has a minority stake in the A220 program, which is produced at a site in Mirabel, north of Montreal, and at a separate assembly line in Mobile, Alabama. A220 planes for non-US customers are produced in Mirabel.

Airbus’s decision would come at a time when airlines are trimming flights and raising fears over shortages of jet fuel in Asia and Europe due to conflict in the Middle East.

AirAsia recently cut the number of flights due to the spike in fuel prices since the US-Israeli conflict with Iran disrupted global oil markets. Fernandes said he did not think Asia would run out of jet fuel and said he hoped AirAsia would return to its normal schedule in July.

For Airbus, bringing a larger A220 jet to market is not a short-term decision.

“Once we do the decision we need obviously a bit of time to certify it, and the demand is really coming at the beginning of the next decade,” Wagner said.

“So that’s a window we need to hit.”

If produced, the option for the additional 150 would replace AirAsia’s existing A320 current engine option aircraft, Fernandes said.

“So we’ll end up with a fleet of A220s which could go from 160 seats to 185 and then we’ll just focus on the A321,” he said.

Wednesday’s announcement confirms earlier reports of a deal for 150 A220-300 jets.

The Emirates Group has reported record financial performance for 2025–26, posting its highest-ever profit, revenue and cash balances, despite operational disruption in the final month of the financial year.

In its Annual Report for the year ended 31 March 2026, the Group recorded profit before tax (PBT) of Dhs24.4bn, up 7 per cent year-on-year, alongside revenue of Dhs150.5bn, up 3 per cent. Cash assets rose 12 per cent to Dhs59.6bn, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Dhs41.1bn.

The airline retained its position as the world’s most profitable carrier during the reporting period, with Emirates alone posting a record PBT of Dhs22.8bn and revenue of Dhs130.9bn. Profit after tax for the Group stood at Dhs21bn, following the application of a higher 15 per cent UAE corporate tax rate under Pillar Two rules.

dnata, the Group’s air services provider, also delivered strong results, reporting PBT of Dhs1.6bn and revenue of Dhs23.6bn, driven by growth across airport operations, catering and travel services.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, said: “These outstanding results, despite significant challenges in the last month of our financial year, reaffirm the strength and resilience of the Emirates Group’s business model, which is rooted in safety, excellence, innovation, people and partnerships.

“For the first 11 months of 2025-26, the picture across the Group was very positive. Strong demand for our products and services was driving revenue, and we were achieving healthy margins thanks to our sustained investments in product, people, technology and brand. Month after month, we were surpassing our targets.”

Operations were impacted late in the financial year by regional geopolitical developments that disrupted air traffic across the Gulf. Sheikh Ahmed noted that Emirates and dnata responded quickly to maintain business continuity and support customers and employees.

“On 28 February, military activity massively disrupted global commercial air traffic in the Gulf region, including in the UAE. Emirates and dnata quickly mobilised to support our people and affected customers, protect our assets, and ensure business continuity,” he said.

The Group declared a dividend of Dhs3.5bn to its owner, the Investment Corporation of Dubai (ICD), while continuing to invest heavily in growth, allocating Dhs17.9bn towards aircraft, infrastructure, equipment and technology.

Emirates carried 53.2 million passengers during the year and expanded its global network to 152 destinations across 80 countries. The airline also continued fleet expansion and retrofit programmes, alongside investments in customer experience, including onboard connectivity, premium cabins and accessibility initiatives.

Cargo operations remained a key contributor, with Emirates SkyCargo transporting 2.4 million tonnes of goods and generating Dhs16.2bn in revenue.

Looking ahead, Sheikh Ahmed emphasised the Group’s strong financial position and resilience amid ongoing geopolitical uncertainty.

“The Emirates Group enters 2026-27 with very strong cash reserves, which enable us to progress with our plans to strengthen our business without knee-jerk cost control measures,” he said.

“Our fundamentals are strong. The Emirates Group’s proven business model is unchanged. Dubai’s place at the nexus of global commerce, trade and travel flows is unchanged. Our ambition to be the best in the world, and to be of service to the world, is unchanged.”

US President Donald Trump predicted a swift end to the war with Iran as Tehran considered a US peace proposal that sources said would formally end the conflict while leaving unresolved key US demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.

An Iranian foreign ministry spokesperson cited by Iran’s ISNA news agency said Tehran would convey its response, while Iranian lawmaker Ebrahim Rezaei, spokesperson for parliament’s powerful foreign policy and national security committee, described the proposal as “more of an American wish-list than a reality”, a Reuters report said.

Read more-UAE condemns drone attack on ADNOC tanker in Strait of Hormuz

“They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,” Trump told reporters in the Oval Office on Wednesday, saying later “it’ll be over quickly.”

Report on negotiations

According to a report in Axios, the one-page, 14-point memorandum of understanding (MOU) is being negotiated between Trump’s envoys Steve Witkoff and Jared Kushner and several Iranian officials, both directly and through mediators.

In its current form, the MOU would declare an end to the war in the region and the start of a 30-day period of negotiations on a detailed agreement to open the strait, limit Iran’s nuclear program and lift US sanctions.

Those negotiations could happen in Islamabad or Geneva, two sources said.

Iran’s restrictions on shipping through the strait and the US naval blockade would be gradually lifted during that 30-day period, according to a US official. If negotiations collapse, US forces would be able to restore the blockade or resume military action.

Inside the 14-point memorandum

1. Formal end to the conflict

• The proposed one-page memorandum would formally declare an end to the ongoing conflict between the United States and Iran.

2. Start of a 30-day negotiation period

• The MOU would begin a 30-day negotiation period to finalise a detailed agreement.

3. Reopening of The Strait of Hormuz

• The deal aims to reopen shipping through the Strait of Hormuz, which before the war handled one-fifth of global oil and gas.

4. Gradual lifting of restrictions

• Iran’s shipping restrictions and the US naval blockade would be gradually eased.

5. Nuclear programme limits

• The MOU includes curbs on Iran’s nuclear programme.

6. Uranium enrichment moratorium

• The duration is under negotiation, ranging from 5 to 20 years, with 12–15 years seen as likely.

7. Extension clause

• Any Iranian violation could extend the moratorium.

8. Enrichment level after expiry

• Iran would be allowed enrichment up to 3.67 per cent after the moratorium.

9. No nuclear weapons commitment

• Iran would commit to never seek a nuclear weapon.

10. No weaponisation activities

• Iran would not conduct weaponisation-related activities.

11. Underground facilities

• A clause would prevent operation of underground nuclear facilities.

12. UN inspections

• Snap inspections by UN inspectors would be included.

13. Sanctions relief

• The US would gradually lift sanctions on Iran.

14. Frozen funds release

• Billions of dollars in frozen Iranian assets would be gradually released.

Draft peace memorandum nears completion

A Pakistani source and another source briefed on the mediation said an agreement was close on a one-page memorandum that would formally end the conflict. That would kick off discussions to unblock shipping through the strait, lift US sanctions on Iran and set curbs on Iran’s nuclear programme, the sources said.

Leaks about the one-page memo, which contains 14 key points, have come from Washington and negotiator Pakistan, with Iran remaining largely quiet about it. Iran’s Foreign Minister Abbas Araghchi said Tehran will only accept “a fair and comprehensive agreement,” without directly mentioning the draft memo, an NDTV news report said.

Living and working in a region as diverse and dynamic as this one, change is something we have come to expect. Our region is shaped by momentum, by its ability to adapt, modernise and translate ambition into action. But periods of heightened uncertainty, particularly at a regional or global level, test that adaptability in different ways, pushing organisations and leaders to respond with greater resilience and clarity.

The changes of the past few weeks have been different from those we are used to. Yet they have served as a powerful reminder of the adaptability of our markets and their intent to make a meaningful difference: from governments that met the moment with conviction and clarity, to businesses and individuals who remain as curious about the present as they are focused on shaping the future.

In moments like these, what stands out is our collective search for clarity. When circumstances are complex and fast‑moving, data becomes more than just information: it becomes a stabilising force. It helps leaders, institutions, and businesses understand where they stand, make informed decisions, and maintain confidence in the path ahead.

Across the GCC region, there is a strong tradition of transparency coupled with forward-looking leadership. Economic indicators, data and market signals are shared to help communities and businesses navigate uncertainty with greater assurance. We saw data from the UAE Ministry of Defence, for instance, that demonstrated the effectiveness of national defenses. There were charts showing the gradual day-by-day recovery of regional flight capacity – with some airlines already at 65 per cent – a tangible sign of our region’s tenacity in restoring mobility and movement.

Data from the UAE Cyber Security Council (CSC) underlines the scale of the ensuing cyber challenge.

The country is now fending off around 800,000 cyberattacks every day, up from an estimated 200,000 daily attempts prior to recent regional tensions. Authorities have identified more than 350 organised groups, 320 individual hackers and 120 malware‑linked entities, with activity spanning around 20 countries.

This should serve as a call to organisations – both small businesses and enterprise level companies – for even greater awareness and active preparation. Because in the digital economy, cyber resilience is taking on ever-increasing importance every day. The opportunism of bad actors during times of geopolitical uncertainty, just magnifies the reality.

Our daily lives and our economies are built on digital foundations. And as we rely more on this infrastructure, we must also be diligent in protecting it. During times of global disruption, digital risks tend to rise. The digital environment becomes busier and more complex, and with that comes an increase in cyber threats.

Global research underscores just how material this risk has become for businesses in our region. Analysis cited by IBM cost of data breach report 2025 – shows that the average cost of a data breach in the Middle East is now close to $7.29m per incident – nearly 61% higher than global average – highlighting why cyber resilience today is firmly a leadership and board‑level concern.

According to Gartner, cybersecurity spending in the region is growing at around 9 per cent annually. Encouragingly, investment in cybersecurity across the Middle East and North Africa continues to grow reflecting a sustained focus on resilience, regulatory readiness, and secure digital transformation.

Large organisations need to see their role clearly: help turn insight into action, support businesses, financial institutions, and governments as they navigate an increasingly connected world. By applying intelligence gained from operating at the heart of the global digital economy, this work focuses on strengthening systems, reducing exposure, and supporting confidence at scale.

Drawing on insights from billions of transactions processed across global payment networks like ours, partners are equipped with more advanced approaches to cybersecurity and fraud prevention. This is further strengthened through the integration of threat intelligence capabilities from Recorded Future – acquired in 2024 – helping anticipate risk, enhance resilience, and safeguard trust across digital ecosystems.

This is underpinned by sustained investment in cybersecurity innovation and the application of advanced data science to detect vulnerabilities earlier and respond with greater precision. Since 2019, we have invested approximately $12.6bn in cybersecurity innovation. In 2025 alone, we processed 175 billion transactions, leveraging our insights and advanced data science to detect vulnerabilities faster and with greater precision, enhancing protection across the ecosystem.

Around the world, public and private sector entities are collaborating to reinforce digital trust. Collaboration, shared intelligence, and collective learning play a critical role in raising resilience across markets and industries.

Resilience, after all, is not about standing still. When businesses can operate with trust and confidence, they grow. They hire more people, they invest in their communities, and they drive the innovation that will power sustainable growth.

Trust is the foundation of the digital economy; but it is not automatic. It must be earned, reinforced, and protected over time. In a region that continues to lead on digitisation and ambition, our ability to thrive will be shaped by how effectively we build resilience into the systems we all rely on.

During times of uncertainty, that resilience is not just a safeguard. It is what allows progress to continue.

The writer is the executive vice president of Services for Eastern Europe, Middle East and Africa at Mastercard.

TA’ZIZ and Alpha Dhabi Holding announced on Wednesday a strategic collaboration agreement for about $10bn (Dhs36.7bn) in capital investment in new industrial chemicals within the TA’ZIZ industrial chemicals ecosystem in Al Ruwais Industrial City in Abu Dhabi’s Al Dhafra region.

The agreement was announced during the Make it in the Emirates platform and is being progressed through a joint feasibility and market study in line with the UAE’s industrial strategy and the Make it in the Emirates initiative.

The agreement was signed by Mashal Saoud Al-Kindi, CEO of TA’ZIZ, and Engineer Hamad Al Ameri, MD and group CEO of Alpha Dhabi Holding.

Subject to final investment decisions and regulatory approvals, the partnership could produce up to 14 new chemicals, delivering about 2.2 million tonnes per annum of additional chemical capacity within the TA’ZIZ industrial chemicals ecosystem.

The proposed chemicals include styrene and polystyrenes, acrylic acid and derivatives, polyols, MDI, epoxy resins and linear alpha-olefins, which are used across construction, automotive, packaging, consumer goods, infrastructure and advanced manufacturing.

Alpha Dhabi to support TA’ZIZ’s mission to boost industrial growth

TA’ZIZ CEO Mashal Saoud Al-Kindi said the collaboration had the potential to expand the company’s industrial growth plans in the UAE.

“This strategic collaboration with Alpha Dhabi offers significant potential to expand TA’ZIZ’s mission to drive industrial growth, enable import substitution and create new economic opportunities in the UAE. We look forward to working with our partners to swiftly progress the joint study and unlock the industrial and economic potential from the new chemical products,” Al-Kindi said.

The companies said the proposed chemicals are anchored on domestic demand and could substitute key products currently imported into the UAE, while strengthening local supply chain resilience.

Engineer Hamad Al Ameri said the partnership reflects Alpha Dhabi’s commitment to investing in industrial platforms linked to the UAE’s economic transformation.

“Our partnership with TA’ZIZ reflects Alpha Dhabi’s commitment to investing in strategic, future-focused industrial platforms that support the UAE’s economic transformation. The proposed chemicals derivatives will strengthen domestic manufacturing, unlock export opportunities and create sustainable long-term value,” he said.

Read: Alpha Dhabi Q1 profit jumps 81 per cent on diversified portfolio growth

The companies said new chemical production would be integrated within the TA’ZIZ and broader ADNOC ecosystems through synergies across feedstock sourcing, utilities, infrastructure and facilities integration, enhancing competitiveness and capital efficiency.

TA’ZIZ said its Phase 1 production portfolio is expected to reach 4.7 million tonnes per annum of marketable products by the end of 2028, including low-carbon ammonia, methanol and PVC.