Market Overview

Dubai Air Show Roundup: Boeing Emerges A Winner

Share:
Dubai Air Show Roundup: Boeing Emerges A Winner

Both Boeing (NYSE: BA) and Airbus are emerging as winners at the 13th Dubai Air Show, although the American-based Boeing is benefiting more than its European competitor. With more than 1,000 exhibitors and 60,000 trade attendees, the Dubai Air Show is expected to be the largest show in its history.

Boeing launched its 777X aircraft, which received a “warm” reception with total orders valued at $76 billion from Emirates airline. The Dubai-based airline is continuing its quest to become one of the world's most dominant airlines with an order for 150 777Xs.

Local Emirate rival airlines also placed large orders with Boeing. FlyDubai announced orders for 100 737MAXs and 11 737NGs. Etihad announced orders valued at $25.2 billion for a combination of 777Xs and 787s.

Qatar Airways placed a letter of intent valued at $19 billion for 50 777Xs.

Related: Invest Like Buffett to Profit from Growth in Asia

In total, Boeing announced it has received 367 orders valued at around $130 billion. The scale of these orders is significant for the Middle East region, which will require 40,000 new pilots and over 50,000 technicians to keep up with demand.

Orders for Airbus airlines include a $26.9 billion deal from Etihad for A320neos and $23 billion from Emirates for A380s.

Bloomberg reported that Boeing has 86 percent of the backlog for its new 777X plane with Persian Gulf carriers, while Emeriates airlines makes up more than half of the total bookings of Airbus's A380.

Shares of Boeing established new 52-week highs on Monday at $142, following the news reports of large orders that surfaced over the prior weekend.

 

Related Articles (BA)

View Comments and Join the Discussion!

Posted-In: 777X A380 Airbus BloombergNews Retail Sales Global Economics Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com