International Finance

Qatar Airways signs multiple aircraft deals in Washington worth $5 bn

The national carrier agreed to purchase five Boeing 777 freighters and large-cabin aircraft

Qatar Airways has signed multiple deals in Washington that are estimated to be worth more than $5 billion, according to media reports. Qatar Airways has agreed to purchase five Boeing 777 freighters and large cabin aircraft from Boeing. Taking current market prices into account, the deal could be worth $1.8 billion.

Qatar Airways has also signed multiple aircraft deals with GE Aviation. As part of these agreements, Qatar Airways will acquire GEnx engines to power its 30 new Boeing 787-9 aircraft. Both the companies signed the TrueChoice Flight Hour agreement which covers the maintenance, repair, and overhaul of the engines.

Another TrueChoice Flight Hour agreement was signed for the maintenance, repair and overhaul services on its GE9X engines which will power 60 Boeing 777X aircraft owned by Qatar Airways.

David Joyce, GE vice chairman told the media that the aircraft deals will increase Qatar Airway’s GEnx-powered 787 fleet to 60 aircraft and ensure the airlines’ GEnx and GE9X engines receive the highest level of maintenance and support.

The agreements were signed by Qatar Airways’ chief executive officer Akbar Al Baker and GE vice chairman David Joyce at the White House in Washington DC, in the presence of US President Donald Trump and Sheikh Tamim Bin Hamad Al-Thani, Qatar’s ruling Emir. During Sheikh Tamim bin Hamad Al Thani’s visit to the US, both the countries agreed on multiple contracts and exchanged views on regional and international developments.

Qatar’s energy minister Saad Al Kaabi and Chevron Phillips Chemical head Mark Lashier signed an agreement to build a $8 billion petrochemical plant. The plant which is scheduled to be operational by 2024, will boast the world’s largest ethylene cracker with a capacity of two million tonnes per year.

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