The kingdom is launching a new airline, Riyadh Air, to help diversify into tourism while taking on Qatar and Emirates, and Boeing is benefiting from the competition.
, is buying 39 Boeing 787-9 Dreamliners, each with a list price of $292 million, with options for 33 more. It’s unclear why the kingdom decided to establish a new airline rather than expand flag carrier Saudi Arabian Airlines , which, in a puzzling development, is also ordering 39 Dreamliners, an unspecified mix of 787-9s and the larger 787-10 , plus options for 10 more.
Saudi Arabia is following the playbook of neighbors Qatar and Dubai, which leveraged their geographic crossroads position to grow Qatar Airways and Emirates into long-haul giants, shuttling passengers through their home countries between Asia, Africa and the West. The kingdom plans for Riyadh Air to fly to 100 destinations by 2030, contributing to the goal of attracting 100 million foreign visitors annually by then.
International travel has soared in recent months, following earlier recoveries in many domestic markets. It’s up 104% in January versus a year ago, with the number of kilometers traveled internationally by paying passengers reaching 77% of January 2019 levels, according to the. That resurgence has led some airlines to reactivate big, fuel-hog four-engine planes, including A380s and 747s, that they’d retired during the coronavirus lockdowns.
Analyst Robert Springarn of Melius Research believes it’s “the early innings of a widebody upcycle,” writing in a research note last month that Boeing and Airbus widebody deliveries could rise 112% over the next few years compared with 2022, led by a 287% increase in 787 deliveries to 120.
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