Gulf Carriers Hope Boeing Will Handle Delivery of Aircraft Orders

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
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Gulf Carriers Hope Boeing Will Handle Delivery of Aircraft Orders

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)
President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum during his tour of the company’s pavilion at the Arabian Travel Market in Dubai. (Asharq Al-Awsat)

President of Dubai Airports, Supreme President and CEO of Emirates Airlines Sheikh Ahmed bin Saeed Al Maktoum hoped that the new management of US-based Boeing will address delays in aircraft deliveries.

Addressing journalists on the sidelines of the Arabian Travel Market in Dubai, he noted that discussions with Boeing regarding aircraft delivery dates were underway, stressing that the delay is hampering plans, including expansion operations and fleet size.

The statements of the president of Emirates Airlines are consistent with Gulf airlines that are awaiting clear initiatives from the US aviation manufacturing giant to address deliveries.

Gulf airlines account for a large portion of aircraft purchases from the American Boeing. Sources told Asharq Al-Awsat that those had no other options other than Boeing or Airbus, the European company, which is also facing massive purchase orders.

Boeing has recently been exposed to a series of safety-related incidents, including an emergency landing due to mechanical failures.

On Monday, the US Civil Aviation Administration (FAA) announced that it had opened an investigation against Boeing to determine whether the American aircraft manufacturing giant had conducted the required safety inspection for all 787 Dreamliner airplanes.

Sheikh Ahmed bin Saeed stressed that Dubai needs a future airport that will serve the increasing growth in the coming years, noting that the new Al Maktoum Airport is in line with the Dubai 33 agenda.

“Dubai International Airport recorded about 87 million passengers in 2023 and is expected to receive more than 90 million passengers in 2024,” he said.

He explained that the transfer of Emirates Airlines to Al Maktoum International Airport will be made in one phase, adding that the airlines will operate from the airport directly upon its opening.

Regarding the geopolitical situation in the region, he noted that the company is making flexible future plans for passenger transport operations to adapt to challenges.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.