Saudi Wealth Fund in Talks With Boeing, Airbus for Big Jet Order

Seeking Alpha2022-10-24

Saudi Arabia is in advanced talks with Boeing (NYSE:BA) and Airbus (OTCPK:EADSF) (OTCPK:EADSY) to order ~80 jets, part of an effort to launch a new airline and challenge heavyweight carriers in the Persian Gulf, Bloomberg reported Sunday.

The Public Investment Fund is looking to buy ~40 planes and take out purchase options for a similar number, according to the report, which noted the Saudi sovereign wealth fund wants single-aisle aircraft and larger widebody models able to fly long distances.

Reuters reports an announcement for the purchase of ~40 Airbus A350 (OTCPK: EADSF) (OTCPK: EADSY) jets, worth $12B at list prices, could come as soon as this week; it is not clear whether the fleet purchase could be split between Airbus and Boeing (BA).

The new airline is expected to name Tony Douglas, who stepped down last week as head of Abu Dhabi flag carrier Etihad Airways, as its new CEO.

The choice of suppliers is widely viewed as politically charged in an atmosphere of worsening relations between the U.S. and Saudi Arabia following the decision by OPEC+ to raise oil production.

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2022-10-24
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