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Boeing Affirms Support for Safe, Sustainable Aviation Market in Saudi Arabia

Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
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Boeing Affirms Support for Safe, Sustainable Aviation Market in Saudi Arabia

Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)
Boeing’s 787 aircrafts can achieve fuel savings and emissions reductions ranging from 20-25% (Asharq Al-Awsat)

Boeing Co. is looking to support the growth of the aviation sector in Saudi Arabia over the coming years, according to Omar Arekat, vice president of Boeing's Commercial Sales and Marketing for Middle East and Africa.

Arekat voiced Boeing’s admiration for Saudi Arabia’s “Vision 2030,” a national transformation plan which also aims to develop the kingdom into a leading tourism and travel destination.

Deals concluded with Saudi airlines, such as Saudia and Riyadh Air, are part of a larger strategic plan to transform the Kingdom into a global aviation hub, revealed Arekat.

The plan aligns with the Kingdom’s goal of providing premium air services to 330 million passengers and attracting 100 million visitors annually by 2030, he explained.

Saudi carriers have recently revealed a plan to buy up to 121 Boeing 787 Dreamliners.

Such a decision reflects the continuation of a partnership that has lasted for almost eight decades and has been instrumental in driving innovation and sustainable development in the Saudi aviation industry.

Additionally, this purchase is expected to strengthen the capacity to provide secure and sustainable commercial air transportation for long-term agreements, affirmed Arekat.

Speaking to Asharq Al-Awsat, Arekat clarified that the 787 Dreamliner family, comprising high-efficiency aircraft, offers numerous comfort benefits to passengers.

Looking to meet high demand from airlines, Boeing developed the 787 aircraft family with the objective of providing unparalleled efficiency levels, enabling airlines to generate profits by launching new flights and transporting passengers directly to their final destinations.

The 787 aircraft have a competitive edge within their category, resulting in fuel savings and emissions reductions of 20-25%.

Arekat confirmed that the Middle East is one of Boeing's most significant markets in commercial, defense, and related service fields.

Boeing’s commitment to support the region’s immense growth potential in the aviation industry, including aircraft, infrastructure development, services, and financing, is evident in the company's strategy, he added.

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Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices edged lower as the dollar held firm on Wednesday, with investors awaiting a key US Federal Reserve decision expected to shape market sentiment and gold's trajectory by outlining the central bank's 2025 outlook.

Spot gold slipped 0.3% to $2,637.13 per ounce by 10:00 a.m. EST (1500 GMT). US gold futures were down 0.3% at $2,653.20.

The Fed's 2025 economic projections and decision are due at 2 p.m. EST (1900 GMT), followed by Fed chair Jerome Powell's press conference at 2:30 p.m. EST, Reuters reported.

"What markets will truly focus on is the tone set by Jerome Powell. A hawkish stance could drive Treasury yields higher and bolster the dollar, putting downward pressure on gold prices," said Ricardo Evangelista, senior analyst at ActivTrades.

"Conversely, a more cautious tone might provide some support for bullion."

While markets are pricing in a 99% probability of a 25 basis point rate cut during this meeting, the chances of another reduction in January stand at only 17%.

Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also watching out for key US GDP and inflation data due later this week that could further shape expectations around monetary policy.

"I do see the consolidation as a continuation pattern within the longer term uptrend in gold. I think that trend will re-exert itself in the first quarter of 2025," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Grant highlighted that bullion remains underpinned by easing central bank policies, geopolitical tensions, sustained buying by central banks, and rising global political instability.

UBS echoed this sentiment in a note, predicting gold would "build on its gains in 2025." The bank emphasized that central banks are likely to continue accumulating gold as they diversify reserves, while heightened demand for hedges could drive inflows into gold-backed exchange-traded funds (ETFs).

Spot silver fell 1.1% at $30.19 per ounce, platinum slipped 1.3% to $926.90, while palladium declined 1.3% to $922.19.