Today: 15 March 2025
15 March 2023
2 mins read

Saudi to buy 121 planes from Boeing

The order for Boeing 787s will be divided between Saudi Arabia’s flag carrier, Saudis, and a planned new airline called Riyadh Air…reports Asian Lite News

Saudi Arabia has planned to order 78 jetliners from Boeing and will take options to buy 43 more in a major boost for the American aircraft manufacturer, taking the total to 121, CTV news reported citing Associated Press.

On Tuesday, two Saudi Arabian airlines said that they will order 121 planes from Boeing. According to CTV news, the order for Boeing 787s will be divided between Saudi Arabia’s flag carrier, Saudis, and a planned new airline called Riyadh Air, which Saudi officials introduced over the weekend.

At list prices, the combined deal would be worth about USD 37 billion if the options are exercised, but airlines routinely get deep discounts. The terms of the deal were not disclosed.

Relatively high oil prices have boosted Saudi Arabia’s economy and government, making it easier for the kingdom to close a multi-billion-dollar jet order.

The creation of Riyadh Air by the Saudi sovereign-wealth fund and the growth of Saudia is part of a broader Saudi strategy to diversify its oil-based economy. Saudi Arabia hopes to become a global aviation hub, attracting 100 million annual visitors by 2030, reported CTV News citing Associated Press.

“The ambition here in the kingdom is huge, and this today … is our first big order,” Tony Douglas, the CEO of Riyadh Air, told CNBC. “There will be more orders.”

The planes covered by the orders and options are long-range, two-aisle “widebody” jets, in the industry jargon. Boeing and Europe’s Airbus dominate the market.

“Serving the Middle East, in our view, is a very, very important and critical market for widebodies, and we like that Boeing won this one,” said Boeing CEO David Calhoun, who traveled to Riyadh for the announcement, according to CTV News.

Recently, Air India also placed an order to purchase 290 aircraft from the company in a bid to scale up its fleet and achieve sustainable growth.

In a statement, Boeing said Air India plans to invest in 190 737 MAX, 20 787 Dreamliner and 10 777X airplanes. Along with a comprehensive set of aviation services, Air India is advancing its fleet strategy to sustainably address South Asia’s rapidly growing domestic and international air travel market, Boeing said in February.

Meanwhile, the Saudi deal is also a boost for the Boeing 787, which the company calls the Dreamliner. Boeing has struggled with interruptions in delivering new 787s for more than two years because of production flaws.

Shares of Boeing Co., based in Arlington, Va., rose more than 4 per cent Tuesday, reported CTV News citing Associated Press. (ANI)

ALSO READ: Dialogue is key to Iran-Saudi consensus: Prince Faisal

Previous Story

Inaugural Legends Cricket Trophy launched

Next Story

Arab League calls for speedy election in Lebanon

Latest from -Top News

Dubai Glows with Ramadan Spirit

The stunning displays are a key highlight of the second edition of the #RamadanInDubai campaign. Dubai has transformed into a dazzling spectacle of light and artistry in celebration of Ramadan, with grand

UAE Celebrates Emirati Children’s Day

The United Arab Emirates is celebrating Emirati Children’s Day today, reaffirming its dedication to nurturing a safe and supportive environment for the nation’s children. This annual occasion highlights the UAE’s commitment to

US pullback on Gaza plan welcomed 

The Hamas movement also responded positively, stating that the reversal was a welcome move….reports Asian Lite News Palestinian, Jordanian, and Egyptian officials have welcomed US President Donald Trump’s decision to abandon his

Can AI Transform the Future of India-GCC Ties? 

One area where AI can significantly enhance India-GCC cooperation is in the field of supply chain management and logistics. …writes Sudhanshu Kumar and Rashi Randev  Recently, a few months back, the External

Syrian leader signs constitutional declaration 

The declaration enshrines several fundamental rights, including freedom of opinion, expression, the press, and access to information.  Syrian President Ahmad al-Sharaa signed the draft Constitutional Declaration on Thursday, marking a significant step
Go toTop

Don't Miss

Iraq keen to boost ties with Saudi Arabia

During Faisal’s meeting with al-Sudani on Thursday, the two officials

Saudi unveils new iron and steel projects worth SAR35 bn

The complex intends to serve the automotive, food packaging, household