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After Alitalia’s demise, ITA airline launches with new look

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Italy’s new national airline, ITA Airways, flew its inaugural flights Friday and unveiled its brand and logo, recycling the red, white and green of its Alitalia origins. It tries to chart a new future while competing with low-cost airlines.

ITA, or Italy Air Transport, officially launched after bankrupt flag carrier Alitalia landed its final flights Thursday night, ending a 74-year business history that a series of financial crises had marred in recent years.

Protests and strikes accompanied the run-up to Alitalia’s formal demise because the much smaller ITA Airways is only hiring around a quarter of Alitalia’s more than 10,000 employees. Negotiations with unions are ongoing.

ITA paid 90 million euros (over $104 million) for the rights to the Alitalia brand and website, but the new airline is called ITA Airways and it has its own website and a new frequent flier program, called “Volare” (“Fly”).

“Discontinuity doesn’t mean denying the past, but evolving to keep up with the times,” ITA President Alfredo Altavilla said in a statement.

During a conference launching the airline, Altavilla insisted that the greatly reduced size of ITA — its slimmer fleet, workforce and destinations — make it a viable carrier that can compete with low-cost airlines while offering better service, connections and value.

“ITA Airways is being born right-sized, in the optimal dimensions both in terms of the size of its fleet and its destinations,” he said. “We don’t carry with us the negative inheritance of being too big that conflict with the economic reality.”

He bristled when asked about reported predictions by low-cost carriers of ITA Airways’ failure.

“They might be very, absolutely right that this is gonna be difficult for us, but I am really curious to see one day their PnL (Profits and Loss) and their balance sheet without all the subsidies that they are getting from the local institutions and the small airports here in Italy,” Altavilla said.

“I want a level playing field,” he added.

The first ITA flight was the 6:20 a.m. from Milan’s Linate airport to the Italian city of Bari, on the Adriatic Sea. In all, ITA is flying to 44 destinations and aims to increase that number to 74 in four years.

Among its routes, the company plans to operate flights to New York from Milan and Rome, and to Tokyo, Boston and Miami from Rome. European destinations from Rome and Milan’s Linate airport will also include Paris, London, Amsterdam, Brussels, Geneva and Frankfurt, Germany. Routes to South America and Los Angeles are planned.

ITA planes will be royal blue with Alitalia’s trademark “tricolore” on the tail, reflecting the red, white and green of the Italian flag. The Italian national sports team colors are blue, and company officials said Friday that the color scheme chosen for the new aircraft aims to make ITA “azzurri,” — the team nickname — too.

For now, the new blue Airbus aircraft exists only in advertisements, with Alitalia’s old white fleet actually in the skies.

Officials were coy about possible partnerships with other airlines. Previously, Alitalia was a member of the SkyTeam alliance, which included Delta, Air France and KLM, among other airlines.

ITA has 52 planes that it says will grow to 105 in the same period and is pointing to next-generation aircraft that use sustainable, alternative fuel sources.

The company launched with 2,800 employees — 70 percent of them from Alitalia — and said it expects to increase the size of its workforce to 5,750 by 2025.

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France’s Natixis to finance $2bn ACWA Power projects in 2 years

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France-based Natixis Corporate and Investment Banking has signed an agreement to finance ACWA Power projects over the next two years – with funding of up to $2 billion.

The MoU will allow both parties to “explore opportunities to develop new projects in the region,” the Saudi clean energy provider said in a bourse filing.

Natixis has previously underwritten some of ACWA Power’s high-profile projects, including the Sakaka solar project.

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Saudi, French firms sign 27 MoUs as Macron visits the Kingdom

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A group of leading Saudi and French companies signed 27 memorandum of understanding at an investment forum in Jeddah as French President Emmanuel Macron met with Crown Prince Mohammed bin Salman today during his official trip to the Gulf region, where he is visiting Saudi Arabia, the UAE and Qatar between Dec. 3 and 4.

Around 101 Saudi companies and 84 French companies attended six workshops at the forum, which was opened by Khalid Al Falih, Minister of Investment, Saudi Arabia and Franck Riester, Minister Delegate for Foreign Trade and Economic Attractiveness.

“The memorandums of understanding signed today were a cause for optimism and satisfaction,” Al Falih said in a tweet after the event.

Represenatives of French companies and banks including EDF Renewables, Engie, Sanofi, and BNP Paribas are meeting with chairmen and CEOs of leading Saudi firms including ACWA Power, Banque Saudi Fransi, Riyad Bank, and Saudi Military Industries Co. Officials from the Public Investment Fund and Royal Commission of AlUla among others are also participating in the forum.

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UAE, France sign $18 billion deal for 80 Rafale jets as Macron starts Gulf tour

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French President Emmanuel Macron, left, is greeted by Abu Dhabi's Crown Prince Mohammed bin Zayed Al-Nahyan at the Dubai Expo on the first day of his Gulf tour on December 3, 2021.

French President Emmanuel Macron met Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed on Friday at the start of a two-day Gulf tour that saw France sell the UAE 80 French-made Rafale warplanes for $18.08 billion (€16 billion).

France’s Defense Minister said the deal was France’s largest-ever weapons contract for export while the Minister for the Armed Forces hailed the deal as “historic.”

There was no immediate confirmation of the deal from Emirati officials. Macron was greeted at the leadership pavilion at Dubai’s Expo site for talks with Sheikh Mohammed.

“I don’t want to reveal the Christmas present” before the meeting, UAE presidential adviser Anwar Gargash told journalists in the build-up to the talks in Dubai.

Macron arrived in the early hours of Friday for a brief Gulf tour where he will also visit Qatar, host of next year’s World Cup, before traveling to Saudi Arabia on Saturday.

The UAE, which celebrated its 50th anniversary on Thursday, is expected to order dozens of Rafale jets to replace its Mirage 2000 aircraft acquired in the late 1990s.

The Emirates is the fifth biggest customer for the French defense industry with $5.31 billion (€4.7 billion) from 2011-2020, according to a parliamentary report.

Macron is accompanied by a large delegation in Dubai including Foreign Minister Jean-Yves Le Drian, Finance Minister Bruno Le Maire and Defense Minister Florence Parly.

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