Boeing sees $ 550bn Middle East market

Boeing yesterday forecast that Middle Eastern airlines would need 2,610 new planes worth $ 550 billion over the next 20 years, thanks to rapid traffic growth in the region.

“International traffic growth in the Middle East continues to outpace the rest of the world,” said Randy Tinseth, vice-president of marketing for Boeing Commercial Airplanes, citing the Gulf’s position as a waystation between Europe and Asia.

About one-third of the projected demand or 900 planes will be to replace today’s fleets, while two-thirds is expected to be driven by fleet expansion in the region, he said.

Tinseth was speaking before the Dubai Air Show, which starts on Sunday. The US plane maker looks set to dominate the show with over $ 100bn of deals; it aims to launch its latest long-haul jet, the 777X, with up to 250 potential orders from as many as five airlines, industry sources said.

[tbpspa]

A widely expected potential order could be from Dubai flag carrier Emirates, which may order as many as 150 of the new 777X passenger jets.”We are on target to launch the 777X later this year,” Tinseth said when asked if the plane would be launched at the Dubai Air Show.

“We have been working very hard on the 777X to determine what is the right size and the right range. We believe we now have the right balance.”Twin-aisle aircraft will account for more than half of the region’s new plane deliveries over the next 20 years, compared to 24 per cent globally, Boeing said.

No.of Reads (271)

WCK

A light Year Ahead News Source.