Emirates places orders for 95 Boeing 777s and 787s worth $52 billion

Saifur Rahman

Emirates Airline, the world’s largest international airline, placed firm orders for 95 additional wide-body aircraft worth US$52 billion (Dh190 billion) at list price, taking its total order book to 295 aircraft. Emirates has also updated its previous order of 30 Boeing 787-9s, increasing its commitment to a total of 35 Dreamliners comprising: 15 Boeing 787-10s, and 20 Boeing 787-8s.

“Already the world’s biggest operator of wide-body passenger aircraft, Emirates has committed to additional Boeing 777-9s, 777-8s, and 787s, worth US$ 52 billion, to power its growth plans, maintain a modern efficient fleet, and deliver the best flying experience to its customers,” the airline said in a statement during the signing of the aircraft order.

The announcement was made at a crowded press conference on the first day of Dubai Airshow 2013 comes a few days after the airline’s parent company Emirates Group announced record US$2.7 billion (Dh10.1 billion) net profits for the first half of the 2023-2024 financial year. The deal reflects the airline’s growing confidence in the global aviation market growth and its current orderbook is expected to support the airline’s growth till 2035.

Middle Eastern airlines posted a 27.3 percent increase in August traffic compared to a year ago, according to the International Air Transport Association (IATA). Capacity rose 22.7 percent and load factor climbed 3.0 percentage points to 83.1 percent, it said.

In the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, UAE Deputy Prime Minister and Minister of Finance, and Deputy Ruler of Dubai and Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Sports Council; the orders were signed by Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group; with Stan Deal, President and CEO of Boeing Commercial Airplanes; and Larry Culp, Chairman and CEO for GE, and CEO of GE Aerospace.

Sheikh Ahmed said: “From day 1, Emirates’ business model has been to operate modern and efficient wide-body aircraft capable of carrying large numbers of travellers comfortably and safely, over long distances to and via Dubai. Today’s aircraft orders reflect that strategy. These additional aircraft will enable Emirates to connect even more cities, supporting the Dubai economic agenda D33 set out by HH Sheikh Mohammed bin Rashid Al Maktoum, to add 400 cities to Dubai’s foreign trade map over the next decade. By the early 2030s, we expect the Emirates fleet to be around 350-strong, connecting Dubai to even more cities around the world.

“Emirates is the biggest operator of Boeing 777 aircraft, and today’s order cements that position. We’ve been closely involved in the 777 program since its start up until this latest generation of 777X aircraft. The 777 has been central to Emirates’ fleet and network strategy of connecting cities on all continents non-stop to Dubai. We are pleased to extend our relationship with Boeing and look forward to the first 777-9 joining our fleet in 2025.”

Aviation plays a key role in socio-economic development by attracting foreign investment, supporting international trade and tourism, and creating jobs. In the Asia-Pacific, it contributed $1 trillion (3.3% of GDP) and employed 56 million people, while in the Middle East, the sector generated $260 billion (9.5% of GDP) and employed 4.6 million, according to Airports Council International (ACI).

“Regression analysis confirms a correlation between GDP and seat capacity. Specifically, a 10 percent increase in seat capacity is linked to short-term GDP growth of 3 to 3.8 percent in the Asia-Pacific and 6.4 percent in the Middle East,” according to an ACI report.

Emirates, already the world’s largest operator of Boeing 777 aircraft, has signed firm orders for 55 additional 777-9s and 35 777-8s. This takes the airline’s 777-X order book to a total of 205 units. The Dubai Government-owned airline also confirmed an order of 202 GE9X engines to power the additional 777X aircraft ordered, taking its total GE9X engine order to 460 units.

From its previous order of 115 units, the first 777-9 is expected to join Emirates’ fleet in 2025. Today’s additional orders mean Emirates will induct new 777-9s to its fleet until 2035. With this latest order, Emirates is also set to be one of the launch customers of the 777-8 passenger variant, with first deliveries expected in 2030.

Stan Deal, President and CEO of Boeing Commercial Airplanes, said, “This order is an incredible vote of confidence in the efficiency and versatility of the 777X family to meet Emirates’ needs for global long-haul travel. The 777-9 and 777-8 are the perfect airplanes to support Emirates’ growth plans, improving environmental performance and unmatched payload capability.”

The 777 remains the backbone of Emirates’ operations, capable of missions of up to 18 hours that enable the airline to connect Dubai non-stop to cities on six continents. The new 777-9s and 777-8s will replace Emirates’ retiring 777 aircraft, and provision for the airline’s future growth plans.