Emirates Orders 50 Boeing 777s Worth $18 Billion

Vittorio Hernandez

Emirates airlines ordered fifty Boeing 777 twin-aisle jets worth $18 billion based on list price.

The new orders would add to Emirates' current fleet of 95 777 jets out of the airline's 162 fleet which makes it the biggest operator of 777 planes and Airbus A380 superjumbos.

Emirates Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said the company opted for more 777s because it has served the Middle Eastern air carrier well in terms of seat cost, particularly at a time that aviation fuel is soaring.

The new orders would be a boost for Boeing which trails behind Airbus in terms of plane orders. Emirates has the option to buy 20 more 777s aircraft.

Maktoum said the new orders are part of Emirates' strategy to expand across Africa, Asia, Europe and the U.S., and would sustain several thousand jobs in the United States. The 777 has 365 seats.

Boeing is scheduled to deliver the 50 orders beginning 2014.

The Chicago-based manufacturer averages seven 777 jets monthly, which would likely be boosted to 8.3 with the new Emirates order, said Boeing Commercial Airplanes President and Chief Executive Officers Jim Albaugh.

Emirates recorded a $225 million profit for the first half of its fiscal year, although it is a 76 percent drop compared to the same period last year due to soaring aviation fuel.

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Investing - Emirates Orders 50 Boeing 777s Worth $18 Billion