Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Kuwait's state carrier restructures Airbus order to add more jets

Published 02/21/2022, 05:10 AM
Updated 02/21/2022, 06:56 AM
© Reuters. FILE PHOTO - A Kuwait Airways plane parked at Cairo International Airport is pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh

By Ahmed Hagagy

KUWAIT CITY (Reuters) -State-owned Kuwait Airways on Monday announced it would now purchase 31 jets from Airbus instead of 28 as part of a restructured deal in which it has also reduced orders for A350-900 jets.

Chief Executive Ma'an Razoq told a press conference the restructured aircraft order, estimated to be worth $3 billion, would save the loss-making carrier a total of $200 million.

The new deal, which includes some aircraft already delivered, is for nine A320neos, six A321 neos, three A321neo-LRs, four A330-800neos, seven A330-900neos and two A350-900s.

"All jets will be delivered by the end of 2028," Razoq said.

The original 28 jet order was for 15 A320 neos, eight A330-800neos and five A350-900s, according to Airbus' website.

© Reuters. FILE PHOTO - A Kuwait Airways plane parked at Cairo International Airport is pictured through the window of an airplane on a flight between Cairo and Doha, Egypt, November 27, 2021. REUTERS/Amr Abdallah Dalsh

Of the original order, the airline has already taken delivery of six A320neos and two A330-800neos, the website says.

Kuwait Airways is now targeting to break even before 2026, Chairman Ali Aldokhan said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.