Riyadh Air willing to buy Boeing planes from canceled Chinese orders, says CEO

Riyadh Air, backed by Saudi Arabia’s Public Investment Fund, has been ordering planes from both Boeing and Airbus ahead of its launch, including 60 narrow-body A321-family jets from Airbus in October and up to 72 Boeing 787 Dreamliners ordered in March 2023.
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Updated 28 April 2025
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Riyadh Air willing to buy Boeing planes from canceled Chinese orders, says CEO

DUBAI: Riyadh Air CEO Tony Douglas said on Monday the Saudi startup carrier would be ready to buy Boeing aircraft destined for Chinese airlines if they are not delivered due to the escalating trade war between the US and China.

Boeing is looking to resell potentially dozens of planes locked out of China by tariffs after repatriating a third jet to the US in a delivery standoff that drew new criticism of Beijing from US President Donald Trump.

“What we’ve done... is made it quite clear to Boeing, should that ever happen, and the keyword there is should, we’ll happily take them all,” Douglas said in an interview with Reuters on the sidelines of the Arabian Travel Market conference.

Boeing took the rare step of publicly flagging the potential aircraft sale during an analyst call last week, saying that there would be no shortage of buyers in a tight jet market.

Riyadh Air, backed by Saudi Arabia’s Public Investment Fund, has been ordering planes from both Boeing and Airbus ahead of its launch, including 60 narrow-body A321-family jets from Airbus in October and up to 72 Boeing 787 Dreamliners ordered in March 2023.

The airline does not expect delivery delays from either planemaker to be resolved any time soon.

Douglas said Riyadh Air had not seen any impact on demand for travel to and from the Kingdom’s capital from global macroeconomic uncertainty, adding that the company plans to announce an order for wide-body jets this summer.

The airline, which is aiming to launch in the fourth quarter, has hired 500 employees and intends to increase its workforce to 1,000 over the next nine to 12 months, Douglas said. Thereafter, hiring of pilots and cabin crew will steadily continue as aircraft are delivered.

Saudi Arabia is seeking to acquire a slice of the global travel industry, including business travel, as the Kingdom pours billions of dollars into developing giga-projects to diversify its economy away from hydrocarbons.

This includes the Dubai to Riyadh route, which is often used by bankers, lawyers, consultants and influencers. Douglas said the less than 2-hour flight represents one of the world’s most profitable routes in the world for an airline, from a revenue per kilometer standpoint.

The restart of flights from the UAE into Syria, and flying through the Syrian airspace is “probably a signal that things are at the margin moving in the right direction,” he added.


Closing Bell: Saudi main index closes in red at 10,709

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Closing Bell: Saudi main index closes in red at 10,709

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 138.89 points, or 1.28 percent, to close at 10,709.04.

The total trading turnover of the benchmark index was SR6.59 billion ($1.75 billion), as 102 of the listed stocks advanced, while 154 retreated.

The MSCI Tadawul Index decreased, down 22.40 points or 1.52 percent, to close at 1,450.58.

The Kingdom’s parallel market Nomu lost 123.85 points, or 0.54 percent, to close at 22,792.98. This came as 30 of the listed stocks advanced, while 40 retreated.

The best-performing stock was Al-Rajhi Co. for Cooperative Insurance with its share price surging by 9.96 percent to SR74.50.

Other top performers included Jazan Development and Investment Co., which saw its share price rise by 9.89 percent to SR8.33, and Gulf Insurance Group, which saw a 7.48 percent increase to SR23.

On the downside, City Cement Co. and Al Gassim Investment Holding Co. saw declines, with their shares dropping by 5.51 percent and 4.22 percent to SR11.50 and SR13.15, respectively.

On the announcement front, Almoosa Health Co. has signed a construction contract with Almajal Alarabi Group valued at SR608.85 million to complete the electrical, mechanical, and architectural finishing works for the new Almoosa Specialized Hospital in AlHofuf City. 

The agreement, finalized on Feb. 26, covers all complementary internal and external works based on approved engineering designs to ensure the facility is fully operationally ready upon completion. 

According to a Tadawul statement, work on the project will commence immediately, with an expected completion timeline of 16 months. 

Almoosa Health intends to finance the development through a combination of its own resources and long-term Shariah-compliant facilities secured from local banks, with the financial impact anticipated to begin following the hospital’s completion and commissioning.

Almoosa’s share price surged by 4.24 percent to reach SR147.50.