SINGAPORE: Singapore Airlines said Thursday it had ordered 39 Boeing passenger planes worth $13.8 billion as it seeks to expand its capacity in the face of growing competition.
The carrier said it had signed a letter of intent with the US manufacturer for 20 of its 777-9s and 19 of its 787-10s, with options for six more of each aircraft, bringing the total to 51 if exercised.
“Today’s major order for widebody aircraft enables us to continue operating a modern and fuel-efficient fleet, providing the SIA Group with additional expansion opportunities to ensure that we retain our industry-leading position,” chief executive Goh Choon Phong said in a statement.
“This order is also another demonstration of our commitment to further growing the Singapore hub, as we will be able to offer even more travel options for our customers.”
The 787-10s, powered by Rolls-Royce Trent 1000 engines, are due to be delivered in the 2020/21 financial year, while the 777-9s, fitted with General Electric’s GE9X engines, are scheduled to arrive in 2021/22.
SIA has a fleet of 182 planes across five brands which include the main airline, regional wing SilkAir, medium- to long-haul budget carrier Scoot and low-cost arm Tiger Airways, as well as its cargo business.
Aviation analyst Shukor Yusof said the deal was SIA’s attempt to move into its next stage of growth.
“The new Boeing 787 aircraft are likely to be given to Scoot and Tiger Airways, which will be used for shorter journeys around the region,” said Shukor of Malaysia-based aviation consultancy Endau Analytics.
He said the 777-9s will complement the airline’s fleet of Airbus A350s, which it uses for non-stop flights to San Francisco.
SIA has been facing tough competition from Middle Eastern carriers on long-haul routes and budget airlines within the region.
On Tuesday it said it booked a net profit of Sg$177 million ($125 million) in the third quarter to December, down 35.6 percent year on year, and warned 2017 would be “another challenging year.”
SIA pointed to “tepid global economic conditions and geopolitical concerns, alongside market headwinds such as overcapacity and aggressive pricing by competitors.”
It also said “loads and yields for both the passenger and cargo businesses are projected to remain under pressure.”
SIA shares closed at Sg$9.94 Thursday, up 1.43 percent from the previous day. The orders were announced after the market closed.
Singapore Airlines in $13.8 bn Boeing deal
Singapore Airlines in $13.8 bn Boeing deal
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
