Emirates Airlines

Boeing gets record 777 order from Emirates   by Ritika

Boeing Co., the world’s second-largest commercial-jet maker, bagged a record order at the Dubai Air Show Sunday.

Emirates Airline, the Dubai government-owned carrier, is buying at least 50 Boeing 777s valued at $18 billion with options for 20 more worth about $8 billion from the U.S. aircraft maker. The carrier is currently the largest operator of 777s in the world. It has a fleet of 95 777s in service and another 40 on the order books. The latest order takes Emirates’ orders for the twin-aisle commercial jetliner to 90.

Coming in at $26 billion at list prices, the deal is a record contract for the Chicago-based company. Emirates is likely to receive a discount because of its bulk order and history as the largest operator of the 777. The new planes would be financed through various options including European Union and U.S. export credit policy, commercial asset-backed debt and Islamic financing.

“This is an extremely proud moment for us as it not only underscores Emirates’ ongoing confidence in the 777 but also makes this the single largest order by dollar value in Boeing’s history,” said Jim Albaugh, president and chief executive of Boeing Commercial Airplanes. The 777’s reliability, performance and operating economics have firmly established it as the backbone of our fleet.

Order part of expansion strategy:- The new order underlines Emirates’ expansion strategy to build a global network and cater to the growing number of passengers. Emirates Airlines, one of the world’s fastest growing carriers has over 160 aircrafts flying to 115 destinations in 67 countries.

“This order supports our fleet expansion and reiterates our commitment to operating a modern fleet for the benefit of our passengers and to ensure operational efficiency as well, ” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO, Emirates Airline & Group.

The carrier is currently the largest operator of 777s in the world. It has a fleet of 95 777s in service and another 40 on the order books. The latest order takes Emirates’ orders for the twin-aisle commercial jetliner to 90.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline & Group stated, “The 777’s reliability, performance and operating economics have firmly established it as the backbone of our fleet. We have an ambitious and strategic plan to continue growing our international network and especially increasing our long-haul, non-stop routes.

“This order supports our fleet expansion and reiterates our commitment to operating a modern fleet for the benefit of our passengers and to ensure operational efficiency as well.”

Financing options:- Though the valuation of Boeing 777 order is $18 billion, Emirates is likely to receive a discount because of its bulk order and history as the largest operator of the 777. The new planes would be financed through various options including European Union and U.S. export credit policy, commercial asset-backed debt and Islamic financing, Sheik Ahmed said.

Boeing will start delivering the aircraft from 2015.

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