Boeing marks Saudi milestone with delivery of new plane

Updated 20 May 2013
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Boeing marks Saudi milestone with delivery of new plane

Boeing has delivered a 777-300ER (Extended Range) plane to Saudia, marking the latest milestone in its longstanding relationship with the airline and the Kingdom.
The airplane, the first of its type to be fitted with a three-class cabin configuration for Saudia, was delivered to the airline at a ceremony in Everett, Washington.
Among those in attendance were Abdul Aziz Al-Hazmi, deputy director general, Saudia, and Marty Bentrott, vice president — sales, Middle East, Russia & Central Asia, Boeing Commercial Airplanes.
Top executives of Boeing and Saudia as well as representatives from the media attended the ceremony.
Saudia currently has a backlog of 21 Boeing airplanes on order, including 13 777s and eight 787 Dreamliners.
“This latest addition to our fleet will feature our distinctive First, Business and Guest class cabins, allowing us to offer a full range of services tailored to our passengers’ specific needs,” said Abdul Aziz Al-Hazmi, deputy director general, Saudia.
“The Boeing 777-300ER, with its unrivaled fuel efficiency, reliability and passenger comfort, will form the backbone of our long-haul fleet, allowing Saudia to launch direct flights to Los Angeles and Toronto,” he said.
The Boeing 777-300ER is the largest long-range twin-engine commercial airplane in the world, bringing efficiency and reliability to the long-range market.
The airplane carries 386 passengers up to 7,825 nautical miles (14,450 km).
Marty Bentrott, vice president — sales, Middle East, Russia and Central Asia, Boeing Commercial Airplanes, said: “Boeing and Saudia share a uniquely historical relationship. It was a DC-3 that was used to launch the airline in 1945. A Boeing 707 ushered it into the jet age in 1961 and, today, we’re proud of the pivotal role the Boeing 777 will play in Saudia’s ambitious expansion plans.”
Bentrott said: “We look forward to building on our successful partnership and to continuing our unwavering support for Saudia’s long-term growth strategy.”
The aircraft formed the basis for the launch of Saudia.
The airline took delivery of its first 777, a 777-200ER, in December 1997 and currently owns and operates 29 Boeing models.


Egypt stock market plunges as retail investors take flight

Updated 19 September 2018
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Egypt stock market plunges as retail investors take flight

  • Biggest index drop in Egypt since mid-2016
  • Saudi Arabia outperforms in Gulf

LONDON: Egyptian stocks tumbled to their lowest level this year on Wednesday as retail investors took flight.
A sharp rise in Suez Canal revenues, a major foreign exchange earner for the country, was not enough to quell investors concerns about the strength of the currency.
The main Egyptian stock index lost 3.8 percent which some fund managers blamed on generally negative sentiment toward emerging markets worldwide as well as more local speculation about possible currency devaluation.
“Our channel checks suggest the sell-off in the Egyptian market is local retail and institutions driven, on currency fears and speculation over a further round of devaluation,” said Vrajesh Bhandari, portfolio manager at Al Mal in Dubai, Reuters reported.
“Selling is further intensified as margin calls are triggered and technical support levels break down. The country canceled three consecutive Treasury auctions, citing investors’ unrealistic yield demands.”
Egypt’s Suez Canal revenues rose to $502.2 million in August up 6.7 percent from a year earlier according to official data released on Wednesday.
Elsewhere regional stock markets closed mostly lower with the exceptions of Abu Dhabi which edged 0.2 percent higher and Saudi Arabia, the best regional performer, which rose by 1.1 percent.
Saudi stocks are benefiting from the strong oil price which eased slightly yesterday but still hovered just under $79.
OPEC and some other oil producers including Russia will meet in Algeria on Sept. 23 to discuss how to allocate supply increases within their quota framework to offset the loss of oil exports from Iran following the introduction of sanctions by the US.
Those measures will come into force on Nov. 4 and data suggests that buyers are already retreating from Iranian crude purchases.
A key question for the oil price as well as regional stock markets in the weeks ahead will be the extent to which other Gulf oil exporters can compenaste for the loss of Iranian supplies by pumping more.