DUBAI: Dubai has completed an agreement with American Airlines to lease 18 new Boeing aircrafts.
Dubai Aerospace Enterprise has “substantially completed” the deal where 18 Boeing 737 Max 8 planes were purchased in the third quarter of 2020.
“This transaction reflects our agility, our balance sheet strength, our underwriting capability, our ability to assist one of our long-term customers and our belief in the product strength of the 737 Max 8 aircraft,” Firoz Tarapore, the company’s chief executive, said in a statement carried by WAM.
The announcement comes as the Boeing Max was given clearance by several aviation regulators to return to service after it was grounded in March 2019 because of two crashes that together killed 346 people.
“We are delighted to see an increasing number of global aviation regulators return the Max to the skies,” Tarapore added.
Airlines in the US and Brazil began to restart commercial flights with the Max late last year. In the Gulf, the UAE and Saudi Arabia have also given the Max clearance to operate again.
Dubai completes American Airlines deal for 18 Boeing 737 Max 8 aircraft
https://arab.news/bu46y
Dubai completes American Airlines deal for 18 Boeing 737 Max 8 aircraft
- The deal was signed in the third quarter of 2020
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
