The aviation and tourism industries are crucial to Dubai’s economy, which lacks the oil wealth of many neighbouring states. The government aims to double the size of the economy over the next decade.
Industry officials said the orders raised the stakes in airline competition as Saudi Arabia expands its fleet and airlines in Turkey and India forge plans to steer more connecting traffic away from the Gulf.
“They are saying we are the big elephant in the room (and) demonstrating that they are a big player,” Air Lease executive chair Steven F Udvar-Hazy said after the twin Dubai announcements.
Demand for the industry’s biggest jets that dominate the region’s airports is humming after a prolonged cyclical downturn followed by the damaging effect of Covid-19 on long-haul travel.
Industry officials estimate airlines worldwide are negotiating behind the scenes to buy about 700-800 new jets, including 200-300 of the world’s largest, as they catch up on fleet replacement plans set aside…