Riyadh Air to get 72 Boeing Dreamliner airplanes in multi-billion dollar deal
Riyadh Air to get 72 Boeing Dreamliner airplanes in multi-billion dollar deal
Saudi Arabia's ambitions of turning its capital Riyadh into a global aviation hub got a significant push with a multi-billion dollar deal between Riyadh Air and US firm Boeing which included 39 confirmed 787-9 Dreamliners and options for further 33 additional airplanes.
The new world-class airline Riyadh Air was launched by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, earlier this week.
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The agreement will be part of fifth largest commercial order by value in Boeing’s history, as per a press release by the American multinational corporation.This fleet deal will generate support in US in the form of 100,000 direct and indirect jobs. Additionally, it will also benefit over 300 suppliers from across 38 states, including 145 US small businesses.
As per the press release by Boeing, Riyadh Air is expected to add USD 20 billion to non-oil GDP growth and create over 200,000 direct and indirect jobs in Saudi Arabia.
It is a good news for Saudi Arabia, which is seeking ways to move away from its heavy reliance on oil and trying to diversify its economy. The deal, which also underlines the importance of Riyadh Air’s environmental goals, will support Saudi Arabia's goal of serving 330 million passengers and attracting 100 million visits by 2030.
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Yasir Al-Rumayyan, who is the PIF Governor and Riyadh Air Chairman welcomed the fleet order and called it a "momentous day."He said, "The agreement highlights our determination to significantly extend Saudi Arabia’s connectivity with the world."
"We look forward to fostering strong strategic relationships within the wider aviation ecosystem as we continue to shape the new airline to become one of the leading carriers around the world," he added.
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Riyadh Air CEO Tony Douglas said that the first deliveries of the widebody aircraft are scheduled for early 2025.“The new airline reflects the ambitious vision of Saudi Arabia to be at the core of shaping the future of global air travel and be a true disrupter in terms of guest experience," Douglas said adding, "Riyadh Air’s commitment to its guests will see the integration of digital innovation and authentic Saudi hospitality to deliver a seamless travel experience."
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