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.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.