2023-03-12 11:11:02 ET
Saudi Arabia's Public Investment Fund is close to a deal for Boeing Co. ( NYSE: BA ) jets with an order value of $35 billion.
The order is expected to be announced amid the official launch of a new national airline on Sunday, according to a WSJ report on Saturday, which cited people familiar. The new carrier is called Riyadh Air.
The aircraft order is expected to include wide-body jets used in long-haul international flights, the WSJ report said. A possible Saudi order had been expected to include as many as 100 or airplanes.
The news comes as Boeing ( BA ) and rival Airbus ( OTCPK:EADSY ) had been competing for the Saudi order for months. Bloomberg reported in late October that Saudi Arabia wa s in advanced talks with Boeing and Airbus to order ~80 jets , part of an effort to launch a new airline and challenge heavyweight carriers in the Persian Gulf.
Last month Air India announced an order for 470 planes from Boeing ( BA ) and Airbus ( OTCPK:EADSF ) in record-setting deals for the commercial aviation industry. The order includes 220 Boeing jets valued at $34 billion, with 190 737 Max aircraft, 20 787 Dreamliners and 10 of the company’s 777Xs.
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Saudi Sovereign wealth fund near $35B order for Boeing jets - report