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FINANCIAL NEWS
Gulf airlines to spend USD550b on planes by 2033
20 Nov 2014
(MENAFN) According to Boeing, Gulf-based airlines are expected to take delivery of 2.610 aircraft in the 2014-2033 period at an estimated cost of USD550 billion to cover their needs as they expand their networks, Arabian Business reported.
For the regional carriers to be able to finance the purchase of these aircrafts, several Gulf carriers announced that they have closed financing agreements for these planes, beginning with 16 Boeing and Airbus aircraft they currently have on order.
Dubai’s Emirates airline said that it has signed USD299.5 million financing deal with a group of banks for the purchase of two Boeing planes, while Qatar Airways closed a transaction deal for the purchase and operating of three 777-300ER and five 787-8 aircraft.
Emirates and Qatar are among the fastest-growing airlines in the world, with Emirates finalizing a USD56 billion to buy 150 777X jets, while Qatar ordered 50 of the aircraft earlier this year.
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