Two Saudi Arabian airlines announced a combined order of up to 123 Boeing (NYSE: BA) aircraft, which at list prices would be worth about $37 billion. Investors are celebrating the news, sending shares of Boeing up more than 5% on Tuesday.
The order, which has been the subject of speculation for weeks, includes a minimum of 39 787 Dreamliners apiece for Saudia, Saudi Arabia's flag carrier, and a government-backed newcomer called Riyadh Air. The Riyadh Air order includes options for 33 more jets; Saudia's order includes options for 10 more planes.
The order is part of Saudi Arabia's effort to push tourism in the region. Currently, international travel to and from the Gulf States is handled mostly by non-Saudi airlines.
Source Fool.com