FINANCIAL NEWS

Saudia acquires Boeing 777, 787 aircraft for $880m

08 Nov 2010

(MENAFN) Engineer Khaled Al-Molhem, Director General of Saudi Arabian Airlines (SAA) announced that the airline has signed an agreement with Boeing Commercial Aircraft, valued at $880 million, for the purchase of twenty two new 777-300 ER for its fleet in Riyadh, Saudi Gazette reported.

The airline also acquired eight additional 787 Dreamliner planes, reaching a total of thirty planes altogether, Director General announced.

The agreement is part of SAA’s strategic plan to modernize its fleet through the acquisition of 82 of the latest aircraft, so as to meet growth in passenger seat capacity and enhance the airline’s competitive position on both regional and international levels, as well as the direct benefit gained due to the 777-300ER’s improved fuel efficiency.

SAA has been playing a major role in the Kingdom’s development. It has linked all parts of Saudi Arabia with a modern air transport network. Also, it has greatly contributed to the commercial exchange between Saudi Arabia and the world for nearly seven decades.

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