Middle East orders boost air show
FARNBOROUGH, England (AP) — European plane maker Airbus booked orders for 143 planes yesterday at the world's biggest air show, while Boeing Co. reassured the industry that its previously delayed 787 jetliner remains on schedule.
In other deals on the second day of the Farnborough International Airshow, Boeing booked orders for seven planes, while Russian aircraft maker Sukhoi sold 24 of its Superjets.
Airlines from oil-rich Middle Eastern countries have saved the Farnborough International Airshow from an otherwise lacklustre start, signing orders for around 150 planes worth more than $25 billion on Monday.
Many European and US airlines are struggling to cope with rocketing fuel prices and dampening passenger demand, combined with tighter credit conditions.
In contrast, several Middle Eastern carriers with the benefit of oil-backed sovereign wealth funds are banking on anticipated huge investment and greater tourism in the Gulf region to justify spending at a time when there is talk in the industry of potential cancelations and delays on existing orders.
"We carriers from the Gulf are the centre of attraction these days," said Qatar Airways CEO Akbar Al Baker as he announced an order for four A321s worth $360 million at list prices to a packed room of journalists.