After huge orders,Airbus and Boeing sign Gulf supplies deals

Airbus and Boeing signed deals to buy some $5 billion of parts and materials from Abu Dhabi on Monday.

Written by Reuters | Dubai | Published:November 19, 2013 3:25 am

Airbus and Boeing signed deals to buy some $5 billion of parts and materials from Abu Dhabi on Monday,in a sign Gulf states are seeking a reciprocal boost to their economies from the huge orders they have placed with the planemakers.

Gulf airlines,led by Dubai’s Emirates and Abu Dhabi’s Etihad,struck plane deals worth almost $150 billion on the first day of the Dubai Airshow on Sunday.

The buying spree underscored a shift in power in the aviation industry,as oil-rich economies of the Gulf take advantage of their strategic position between East and West to draw more travelers from hubs in Europe and Asia. Airbus agreed a deal with Abu Dhabi’s state investment fund Mubadala to expand their partnership “for further composite and metallic aerostructure production in the UAE … worth $2.5 billion,” Mubadala said. Separately,Boeing said it had also signed a deal with Mubadala for Abu Dhabi to supply as much as $2.5 billion in advanced composites and machine metals to the US planemaker.

For all the latest News Archive News, download Indian Express App

  1. No Comments.