New carrier Riyadh Air to launch with an all-Boeing fleet By Investing.com

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New carrier Riyadh Air to launch with an all-Boeing fleet

Stock Markets Mar 14, 2023 10:31AM ET

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New carrier Riyadh Air to launch with an all-Boeing fleet

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By Sam Boughedda

Boeing (NYSE:BA) shares are up over 2% in early Tuesday trading on the back of news that new Saudi Arabian carrier Riyadh Air has chosen the 787 Dreamliner to power its global launch.

Riyadh Air will purchase 39 787-9s, with options for an additional 33 787-9s. In total, Saudi Arabian carriers announced their intent to purchase up to 121 787 Dreamliners, making it the fifth-largest commercial order by value in Boeing's history.

The new carrier is owned by Saudi Arabia's Public Investment Fund, and the deal is part of the Middle Eastern country's plans to transform the country into a global aviation hub.

"This is a significant order that will support Riyadh Air's commitment to deliver a world-class travel experience, while supporting American aerospace manufacturing jobs at Boeing and across our supply chain," commented Stan Deal, president, and CEO of Boeing Commercial Airplanes.

Earlier this month, it was reported that Indian budget carrier IndiGo is in talks with Boeing and Airbus to order more than 500 passenger jets, potentially beating the 470 plane order for Airbus and Boeing jets from Air India in February.

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