SINGAPORE: Singapore Airlines said on Friday it will finalize an order for 39 Boeing aircraft worth $13.8 billion at list prices when Singaporean Prime Minister Lee Hsien Loong visits Washington DC next week.
The airline said in February it would order 20 777-9 and 19 787-10 widebodies as part of plans to modernize its fleet over the next decade, but the deal is yet to be finalized and placed in Boeing’s order book as a Singapore Airlines order.
The deal was viewed as a major blow to Airbus as it battles against Boeing in the widebody market. Airbus has lagged Boeing in net orders in the first nine months of the year, with 271 at the end of September versus 498 for its US rival.
Lee told CNBC television on Thursday that he hoped an agreement would be signed with Boeing to buy more aircraft for Singapore Airlines during his US visit from Oct. 22 to 26.
More details about the order would be revealed after the signing ceremony in Washington, a Singapore Airlines spokesman said.
The airline in February said it had also acquired options to order six more aircraft of each type.
Boeing in June booked orders for 20 777Xs and 19 787-10 aircraft for an unidentified customer or customers, making it possible the Singapore Airlines aircraft are already counted in this year’s net orders. Boeing declined to comment.
Singapore Airlines is investing in modern, fuel efficient aircraft while at the same time undertaking a strategic review designed to help cut costs amid growing competition from Chinese and Middle Eastern rivals.
While the Boeing order is worth $13.8 billion at list prices, airlines typically get discounts on jet orders. Jefferies in February estimated the deal’s value at closer to $6.5 billion, or about a tenth of the US plane maker’s annual volume.
Singapore Airlines is the launch customer for the 787-10, a stretch version of the Dreamliner, having made 30 firm orders in addition to the 19 announced in February. Boeing completed final assembly of the airline’s first 787-10 earlier this month ahead of delivery in the first half of 2018.
Singapore Airlines to finalize $13.8bn Boeing order next week
Singapore Airlines to finalize $13.8bn Boeing order next week
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
