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737 Max's Desert Dance: Boeing Eyes Major Deal with Saudi Start-Up Riyadh Air

5
Lekha Gupta
·1 min read

  • Boeing Co (NYSE: BA) disclosed that it is working on a deal with Riyadh Air to sell 150 of its 737 Max jetliners.

  • The Saudi Arabian startup airline, wholly owned by Saudi Arabia's Public Investment Fund (PIF), is looking to buy around 300-400 single-aisle jets, as per Bloomberg.

  • Based on market-value estimates by consultant Ascend by Cirium, at the current going rate of $53 million for a Max 8, the 150-jet order may be valued at around $8 billion.

  • Related: Boeing's Battle With 200 - Is The Sky's Limit On The Horizon Or Is There Turbulence Looming Ahead?

  • Boeing declined to comment, and Riyadh Air and PIF didn't respond to the comment request. Airbus SE (OTCPK: EADSF) can also claim a part of this order, as per the report.

  • It is Boeing's second major deal in the Gulf market, with the earlier being for its larger 787 Dreamliners with Riyadh Air and Saudia for their long-range flights. As part of the transaction, Riyadh Air will be receiving 39 787-9 jets, with options for 33 more.

  • Earlier this month, Ryanair Holdings PLC (NASDAQ: RYAAY) disclosed ordering 300 new 737-MAX-10 aircraft from Boeing for $40 billion.

  • Last month, Aircraft leasing company Avolon committed to order 40 of Boeing's 737 MAX aircraft.

  • Also Read: Boeing's April Delivery Decline Sparks New Deals

  • Price Action: BA shares are closing higher by 0.27% at $204.17 premarket on the last check Tuesday.

  • Photo via Wikimedia Commons

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This article 737 Max's Desert Dance: Boeing Eyes Major Deal with Saudi Start-Up Riyadh Air originally appeared on Benzinga.com

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