Dubai Air Show opens with Emirates and Boeing reaching $15.1B deal

Emirati officials visit an Airbus A-380 decorated with an image of the late Sheikh Zayed bin Sultan Al Nahyan, during the opening day of the Dubai Air Show, United Arab Emirates, Sunday, Nov. 12, 2017.

http://fortune.com/2017/11/12/dubai-air-show-emirates-boeing/

Long-haul carrier Emirates purchased 40 American-made Boeing 787-10 Dreamliners on Sunday at the start of the biennial Dubai Air Show, a $15.1 billion deal certain to please U.S. President Donald Trump who has touted the plane’s sales as a job creator in America.

The deal appeared to surprise Boeing’s archrival Airbus, whose staff had attended a long-delayed news conference and left the room just moments before the announcement.

Airbus has pinned hopes of continuing production of its double-decker jumbo jet on Emirates, the world’s largest operator of the aircraft which took delivery of its 100th A380 earlier this month. Reports circulated before the air show that a major A380 sale would be coming.

But instead, Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum explained how the airline considered the Airbus A350 and decided to pick the Boeing 787-10.

“We were comparing the two apples,” he said, but found that the Boeing 787 is “the best option” for Emirates “given its maintenance and so on.”

It’s the second time Airbus has lost out on selling the A350 to Emirates. In June 2014, the state-owned Emirates cancelled an order for 70 A350s after a “fleet requirement” review.

The Boeing 787-10 typically lists for $312.8 million. Delivery will begin in 2022.

Chicago-based Boeing Co. already has 171 787-10s on order. Among those waiting for the aircraft are Abu Dhabi-based Etihad.

The twin-engine 787-10, however, has been a focus of Trump since he came into office. In February, he visited the Boeing plant in North Charleston, South Carolina, which manufactures the carbon-fiber, 330-seat plane Trump described as “an amazing piece of art.”

———–

mates rates..

“But instead, Emirates CEO and Chairman Sheikh Ahmed bin Saeed Al Maktoum explained how the airline considered the Airbus A350 and decided to pick the Boeing 787-10.”

airbus got pipped at the post..these are big deals and somebody will lose a job at airbus..

“We were comparing the two apples,” he said, but found that the Boeing 787 is “the best option” for Emirates “given its maintenance and so on.”

uh huh..

401

~ by seeker401 on November 15, 2017.

6 Responses to “Dubai Air Show opens with Emirates and Boeing reaching $15.1B deal”

  1. Boeing inks $1.8 billion Ethiopian Airlines deal

    https://finance.nine.com.au/2017/11/15/08/00/boeing-inks-1-billion-dollar-ethiopian-airlines-deal

  2. Well most are going into debt Boeing is profiting.

  3. Airbus gets bigger deal than Boeing (late deals at the Air Show it seems):

    “Airbus SE announced the biggest commercial-plane transaction in its history, securing an order for single-aisle aircraft valued at nearly $50 billion at the Dubai Air Show, outdoing Boeing Co.’s own $20 billion mega-deal.”

    https://www.bloomberg.com/news/articles/2017-11-15/airbus-is-said-to-near-deal-for-430-jets-with-indigo-partners

  4. fwiw, i flew in a 787 ‘dreamliner’ and the fresh air system, with lower pressure and less dry air, was really nice.

  5. Private equity firm Abraaj raised billions to do good — then it fell apart
    Western investors poured money into the Dubai-based group, now the world’s largest insolvent private equity firm

    The collapse has led some investors to question whether Dubai’s regulatory environment is sufficiently safe — and privately, some worry it has damaged trust in the movement to use private capital to solve social problems in emerging markets.

    Naqvi raised billions from the likes of the Bill & Melinda Gates Foundation, Bank of America and the US government. He made annual appearances at the World Economic Forum in Davos, Switzerland, and sponsored the Clinton Foundation’s 2012 summit in New York. Abraaj marketing documents touted 17% net annual returns.

    Naqvi himself started a $100m charity in his home country of Pakistan, and funded students attacked by the Taliban. He accumulated estates in England and France, a $20m yacht, a private jet and Asian and Middle Eastern art.

    Some details of the collapse are known: Abraaj used investor funds for its own expenses, according to former executives and investors. The firm further muddied its finances with the “unusual practice” of borrowing money secured against its own stakes in its funds, creating “a highly unstable business model,” liquidators wrote in a report. Abraaj has defaulted on more than $1bn of debt.

    As investigators and investors dig further, more details are emerging that reveal the scope of the problems. At least $660m of investor money was moved without the knowledge of most investors into bank accounts that forensic accountants call the Abraaj treasury, according to documents and people familiar with the situation.

    More than $200m flowed from those accounts to Naqvi and people close to him, according to company documents and people familiar with the situation.

    https://www.fnlondon.com/articles/private-equity-firm-abraaj-raised-billions-to-do-good-then-it-fell-apart-20181018

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