Boeing’s 737 deliveries rise in November

A Boeing 777-31H aircraft of Emirates airline lands at Cointrin Airport in Geneva, Switzerland December 3, 2018. (Reuters/File Photo)
Updated 11 December 2018
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Boeing’s 737 deliveries rise in November

LONDON: Boeing Co. delivered 61 of its best-selling 737 single-aisle aircraft in November, up from 50 a year earlier, suggesting that the planemaker may be finally moving past supplier problems that have dented production.
Total deliveries for the first 11 months of 2018 rose to 704 from 680 in the same period a year earlier. Boeing expects to deliver 810-815 planes in 2018.
The company has been striving to overcome production bottlenecks stemming from delays in the delivery of fuselages and engines from its suppliers.
Investors and analysts closely watch the number of planes Boeing turns over to airlines and leasing firms for cues on the company’s cash flow and efficiency.
Airbus said last week it had delivered 673 aircraft up to the end of November, leaving 109 aircraft still to be delivered in December to reach a core target of 782 deliveries.
Boeing delivered a total of 79 aircraft in November.
Chief Financial Officer Greg Smith said last month that deliveries would rebound in the last two months of the year despite supply delays in engines and other components.
The company’s deliveries could take a hit if Indonesia’s Lion Air decides to cancel orders for Boeing’s 737 MAX jets following a crash that killed 189 people in October.
Lion Air, a privately owned budget airline, has 190 Boeing jets worth $22 billion at list prices waiting to be delivered, on top of 197 already taken, making it one of the US manufacturer’s biggest export customers.


Saudi Arabia relaxes ownership limits for foreign investors

Updated 26 June 2019
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Saudi Arabia relaxes ownership limits for foreign investors

  • Capital Market Authority chairman, Mohammed El Kuwaiz said, ownership in the Saudi capital market by financial investors had increased threefold this year
  • The move aims to help enhance the market’s efficiency and attractiveness and to expand the institutional investments base

RIYADH,: Saudi Arabia has relaxed a 49% limit for foreign strategic investors in shares of listed companies, aiming to attract billions of dollars of foreign funds as the Kingdom opens up the region’s largest bourse to a more diverse investor base.
The country has introduced a raft of reforms in recent years to make its stock market, the region’s biggest, attractive to foreign investors and issuers.
The move aims to help enhance the market’s efficiency and attractiveness and to expand the institutional investments base, the regulator, the Capital Market Authority (CMA), said in a statement on its website.
The Saudi stock market, which opened to foreign investors in 2015, has seen an upsurge in foreign fund flows since the start of the year due to its inclusion in the emerging markets indexes.
“In the beginning of this year, we had only one percent ownership in the Saudi capital market by financial investors, today it is over three percent, that’s more than a threefold increase,” CMA chairman, Mohammed El-Kuwaiz told Reuters in an interview.
“Our hope is that we can see a similar increase in terms of pace and magnitude as we start to create more avenues for foreign investors to come in to the market,” he added.
There will be no minimum or maximum ownership limit, although the owners must hold the shares for two years before they can sell.
Kuwaiz said huge demand from non-financial foreign investors pushed the CMA to grant approval on an exceptional basis to a number of strategic foreign investors to increase their holdings in Saudi listed companies. These included transactions at an insurance firm and a local bank.
Foreign investors have been net buyers of Saudi equities over the past few months, with purchases worth 51.2 billion riyals ($13.6 billion) until May 30. They currently own 6.6% of Saudi equities, of which 3.15% is owned by strategic foreign investors.
Local shares were incorporated into the FTSE emerging-market index in March and the MSCI emerging market benchmark in May this year. The country’s Tadawul All-Share Index is up 11 percent year-to-date.
Strategic foreign investors can take stakes in listed companies by buying shares directly on the market, or through private transactions and via initial public offerings.
Asked how this move would reflect on the Aramco IPO, planned for 2021, Kuwaiz said it would assure that the market has the physical regulatory and investor infrastructure to accommodate a company as large and as extensive as Saudi Aramco.