Dubai 2011: Emirates places largest dollar order in Boeing's history

Emirates has placed a record-shattering order for 50 Boeing 777-300ER aircraft, with options for an additional 20 of the type.

The order, valued at $26 billion, is the single largest dollar value contract in Boeing’s 95-year history.

The firm order for 50 777-300ERs is worth approximately $18 billion at list price, with the additional options valued at $8 billion.

Aircraft are due to begin deliveries in 2015 and the order is in addition to the 40 777-300ERs currently awaited and the 61 in service.

The agreement was signed during a ceremony at the show by HH Sheikh Ahmed bin Saeed Al Maktoum, chairman & chief executive, Emirates Airline & Group, and Jim Albaugh, president & CEO Boeing Commercial Airplanes. It was witnessed by HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Prime Minister and Vice President and Ruler of Dubai, Tim Clark, president Emirates Airline, and David Joyce, president and CEO GE Aviation, whose GE 90-115B engine will power the aircraft.

Sheikh Ahmed said: “We are proud to be the largest operator of 777s in the world. The 777 has served Emirates very well in terms of seat cost and fuel consumption.

“The Boeing 777-ER aircraft plays a pivotal role in Emirates development of a modern fleet to meet the demand for global air travel for the future,” he added.

The order will be financed with a variety of investment vehicles, including operating leases, European and US export credit options and Islamic financing, as have been used before.

Sheikh Ahmed commented that the order is to support expansion and does not affect the delayed Airbus A350 order.