Emirates' chairman Sheikh Ahmad bin Saeed Al Maktoum told reporters that the deal is valued at US$18 billion and Emirates has options to purchase another 20 Boeing 777-300 jets. Delivery is set to take place in 2015, he added.
If Emirates decides to go for an additional 20 Boeing 777-300 ER, then the deal is worth about US$26 billion, Sheikh Ahmad said. He added that the airline was looking at a range of funding options including export credit agencies and Islamic financing to pay for the order.
Sheikh Ahmed said the new order underlines Emirates' strategy. "We have an ambitious and strategic plan to continue growing our international network and especially increasing our long-haul, non-stop routes," said Sheikh Ahmad
Boeing delivered 127 commercial airplanes in the third quarter of 2011, including 100 of its best-selling 737 narrowbodies and 21 widebody 777s.
The 777-300 ER extends the 777 family's span of capabilities, bringing twin-engine efficiency and reliability to the long-range market. The airplane carries 365 passengers up to 14,685 km.
As per Boeing's estimate, the regional aviation industry will grow upward at an average of 7.1 per cent a year for the next 20 years.
Middle East passenger traffic is expected to reach 140mn by 2015 and Emirates is likely to become the world's largest widebody carrier, global management consulting firm The Boston Consulting Group (BCG) says in a new report.
Kuwait Airways Corporation's privatisation committee ? PrivComm ? will assess expressions of interest (EOIs) made to purchase a 35 per cent stake in the carrier following the expiry of the August 25 deadline for submissions.
Passenger traffic at Dubai International Airport jumped 9.7 per cent to a monthly record of 4.7mn in July, Dubai Airports said.
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