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FINANCIAL NEWS
Boeing to rely on ME to enhance revenue
05 Jun 2011
(MENAFN) Boeing’s Corp. defense, space and security unit chief executive, Dennis Muilenberg, said that as a result of expected cuts in European governments’ budgets as well as in the US’ budget that might reduce spending on the military sector, the aerospace company would rely on Asian and Middle Eastern markets to boost its revenue, reported Emirates 24/7.
Muilenberg added that the company would expect a stable and normal growth in its defense business, nevertheless, by 2013; it would seek to increase defense sales outside the US to around 25 percent up from 17 percent in 2010 and 7 percent in 2006.
He also said that the demand for the F-15 and the Apache helicopters in Saudi Arabia grew, adding that Saudi was considered a very important customer for the company. Moreover, the company sold a variety of fighter jets, transport planes and attack helicopters to countries in the region that included Japan, Singapore, South Korea and India.
It is worth noting that in 2010, around half of the company’s USD64 billion of revenue came from defense sales.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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