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FINANCIAL NEWS
Kuwait Airways to buy 10 planes from Boeing
21 Nov 2014
(MENAFN) State-owned Kuwait Airways Co announced that it has signed a deal with Boeing for the purchase of 10 Boeing 777-300ERs, with delivery expected to begin within two years, The Peninsula Qatar reported.
KAC said that the delivery of the long-range, wide-body planes will begin in November 2016 in a deal that follows another one signed by the carrier earlier this year for the purchase of 25 planes from Airbus, in its first order for new aircraft in more than 20 years.
The airline, which has an ageing fleet of 15 Airbuses and two Boeings, said that these deals will help in modernizing its fleet, ultimately helping it its plan to become profitable again.
The carrier, which is expected to be on the road of privatization, has posted losses in all but one of the past 21 years, amounting to a total of more than USD2.7 billion, which has been covered by the government.
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