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Saudi Arabia strikes deal for 121 aircraft with Boeing

Web Desk 11:45 PM | 14 Mar, 2023
Saudi Arabia strikes deal for 121 aircraft with Boeing
Source: Photo by Dovydas Pranka

RIYADH - Saudi Arabia has signed a $37 billion deal with Boeing to manufacture up to 121 aircraft to help put the Kingdom's new airline on the map.

The deal with the US firm will help deliver 72 aircraft for Riyadh Air, a national carrier announced recently by the ambitious Crown Prince Mohammed bin Salman.

Riyadh Air is wholly owned by the Public Investment Fund, and its governor Yasir Al-Rumayyan who commented on the development by saying that this is a momentous day for PIF and Riyadh Air, and highlights determination to significantly extend Saudi Arabia’s connectivity with the world.

"Our stated commitment is to create a world-class airline and this partnership with Boeing in building the fleet is the next step in achieving the aspirations of Saudi Arabia as a global transportation hub.

"We look forward to fostering strong strategic relationships within the wider aviation ecosystem as we continue to shape the new airline to become one of the leading carriers around the world.”

On the other hand, Stan Deal, president and CEO of Boeing Commercial Airplanes, elaborated that the firm was incredibly proud of nearly eight decades of partnership to drive innovation and sustainable growth in Saudi Arabia’s aviation sector.

'Our agreement builds on that longstanding partnership and will further expand access to safe and sustainable commercial air travel for decades more,' he opined.

The deal was so noticeable that even a statement from White House was issued with Press Secretary Karine Jean-Pierre saying that talks between Boeing and Saudi Arabia had been ongoing for years.

"Today’s announcement ensures that Boeing and General Electric will anchor Saudi Arabia’s new international airline together with support for a new international airport," she said.

Meanwhile, Tony Douglas, CEO of Riyadh Air said our new 787-9 airplanes will serve as a foundation for our worldwide operations, as we build the wider network and connect our guests to Saudi Arabia and many destinations around the world.

The kingdom is making efforts to shift its focus away from oil and its sovereign fund has more than $600 billion in assets and is being utilized to diversify the income sources of Riyadh. The kingdom is focusing especially on the tourism sector to attract globetrotters from across the world as oil deposits are fast depleting.

The announcement of Riyadh Air comes months after officials announced plans for a new airport in the capital Riyadh which would span 57 sq. km and will accommodate 120 million travelers per year by 2030 and 185 million travelers by 2050.

Web Desk
Web Desk

Daily Pakistan Global Web Desk

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Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on May 31, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on May 31, 2023 (Wednesday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 312.4 316.65
Euro EUR 331.5 334.5
UK Pound Sterling GBP 382 385
U.A.E Dirham AED 84.9 85.7
Saudi Riyal SAR 82.7 83.5
Australian Dollar AUD 201 203
Bahrain Dinar BHD 758.7 766.7
Canadian Dollar CAD 228 230.2
China Yuan CNY 40.34 40.74
Danish Krone DKK 41.03 41.43
Hong Kong Dollar HKD 36.44 36.79
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.18 2.41
Kuwaiti Dinar KWD 927.38 936.38
Malaysian Ringgit MYR 61.94 62.54
New Zealand Dollar NZD 172.79 174.79
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 740.96 748.96
Qatari Riyal ‎QAR 78.37 79.07
Singapore Dollar SGD 214 216
Swedish Korona SEK 26.36 26.66
Swiss Franc CHF 315.7 318.2
Thai Bhat THB 8.21 8.36

Today's gold rates in Pakistan – May 31 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,300 on Wednesday.The price of 10 grams of 24k gold was recorded at Rs199,160.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 232,300 PKR 2,485
Karachi PKR 232,300 PKR 2,485
Islamabad PKR 232,300 PKR 2,485
Peshawar PKR 232,300 PKR 2,485
Quetta PKR 232,300 PKR 2,485
Sialkot PKR 232,300 PKR 2,485
Attock PKR 232,300 PKR 2,485
Gujranwala PKR 232,300 PKR 2,485
Jehlum PKR 232,300 PKR 2,485
Multan PKR 232,300 PKR 2,485
Bahawalpur PKR 232,300 PKR 2,485
Gujrat PKR 232,300 PKR 2,485
Nawabshah PKR 232,300 PKR 2,485
Chakwal PKR 232,300 PKR 2,485
Hyderabad PKR 232,300 PKR 2,485
Nowshehra PKR 232,300 PKR 2,485
Sargodha PKR 232,300 PKR 2,485
Faisalabad PKR 232,300 PKR 2,485
Mirpur PKR 232,300 PKR 2,485

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