Key Takeaways:
- Riyadh Air exercised options for 28 Boeing 787 Dreamliners from its 2023 order
- The carrier converted 20 options to the larger 787-10 variant
- It also confirmed six Airbus A350-1000 purchases, bringing total A350 orders to 31
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Riyadh Air orders 34 widebody jets, targets 100 destinations by 2030
Saudi Arabia's Riyadh Air placed orders for 34 widebody aircraft from Boeing and Airbus at the Farnborough Airshow, accelerating its push to become a global carrier.
Riyadh Air exercised options for 28 Boeing 787 Dreamliners and converted 20 to the larger 787-10 variant, while firming up six Airbus A350-1000 purchases, the carrier said Monday at the Farnborough Airshow.
"The commitment to firm up an additional 28 787 Dreamliners and introduce the 787-10 marks another significant milestone in Riyadh Air's journey towards over 100 international destinations by 2030, a key part of the Kingdom's Vision 2030 ambitions," Tony Douglas, chief executive officer of Riyadh Air, said.
The order includes 11 previously unidentified 787 purchases, bringing Riyadh Air's total firm Dreamliner count to 67 aircraft. The carrier separately confirmed six Airbus A350-1000s, lifting its total A350-1000 orders to 31. Riyadh Air has taken delivery of six 787-9 jets and currently serves six cities after launching operations in June.
Backed by Saudi Arabia's sovereign wealth fund, the carrier is central to the kingdom's strategy to diversify beyond oil under Vision 2030. Riyadh Air aims to connect the Saudi capital to more than 100 destinations worldwide by the end of the decade, competing with Gulf carriers Emirates and Qatar Airways.
By operating both the 787-9 and 787-10, Riyadh Air will benefit from fleet commonality including shared flight deck systems, maintenance procedures and pilot training, according to Boeing. The 787-10, the largest Dreamliner variant, can carry about 330 passengers in a typical three-class configuration, compared with roughly 290 for the 787-9.
The A350-1000, Airbus's largest widebody, competes directly with Boeing's 777X and offers a range of about 9,700 nautical miles. Riyadh Air's dual-manufacturer strategy provides operational flexibility as it builds a network spanning Asia, Europe, Africa and the Americas.
The orders were the first announced at this year's Farnborough Airshow, which runs through July 24. Boeing shares rose 1.8% in premarket trading in New York on the news, while Airbus shares gained 0.9% in Paris. The deal strengthens Boeing's 787 production outlook as the planemaker works to stabilize output following quality-control challenges over the past two years.
For Boeing, the order provides a vote of confidence in the 787 program, which has been a key cash generator for the company. The planemaker has delivered more than 1,100 Dreamliners since the program's launch and holds a backlog of roughly 600 unfilled orders, according to company filings. The last time Boeing secured a comparable single-customer Dreamliner order was in March 2023, when Riyadh Air placed its initial 39-plane commitment.
The expansion comes as Saudi Arabia invests billions of dollars in tourism and aviation infrastructure, including a new airport in Riyadh designed to handle 120 million passengers annually by 2030. Riyadh Air's fleet buildout positions it to capture a share of the Middle East's long-haul travel market, projected to grow at about 6% annually through the end of the decade, according to industry data.
This article is for informational purposes only and does not constitute investment advice.
