Boeing said on Thursday it had completed a software update for its 737 MAX jets, which have been grounded worldwide since March after they were involved in two fatal crashes.
The planemaker said it was in the process of submitting a plan on pilot training to the US Federal Aviation Administration (FAA) and would work with the regulator to schedule its certification test flight.
The FAA is planning a meeting on May 23 in Fort Worth, Texas, with regulators from around the world to update them on reviews of Boeing’s software fix and on pilot training.
Aviation regulators from other countries will have to assess Boeing’s proposed fixes and clear the aircraft to fly in other regions independently of the FAA.
It is unclear when the 737 MAX aircraft will return to service, but US airlines have said they hope the jets will fly this summer.
Southwest Airlines Co. and American Airlines Group Inc, the two largest US operators of the MAX, have pulled the jets from their schedules until Aug. 5 and Aug 19, respectively.
The airlines, which must still decide on pilot training, have said they would use the jets as spare planes if they are approved for flight before those dates.
The FAA said on Thursday that Boeing had not yet submitted its final software package for approval.
On Wednesday, acting FAA Administrator Dan Elwell said he expected Boeing to make its formal submission for its software update in the next week or so.
The 737 MAX was grounded following a fatal Ethiopian Airlines crash that killed all 157 on board just five months after a similar crash of a Lion Air flight killed 189 people.
Boeing hopes the software upgrade and associated pilot training will add layers of protection to prevent erroneous data from triggering a system called MCAS, which was activated in both the planes before they crashed.
The planemaker said it had completed simulator testing and engineering test flights as well as developed training and education materials, which were now being reviewed by the FAA, global regulators and airline customers.
To date, Boeing has flown the 737 MAX with updated software for more than 360 hours on 207 flights, the company said.
Boeing completes 737 MAX software update, works on pilot training plan
Boeing completes 737 MAX software update, works on pilot training plan
- Aviation regulators from other countries will have to assess Boeing’s proposed fixes and clear the aircraft to fly
- Boeing hopes the software upgrade and associated pilot training will add layers of protection
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
