Article content

Boeing Loses Major Saudi Arabian Airline Contract

Boeing has lost another multi-billion dollar contract.

Saudi Arabian airline flyadeal said on Sunday that it will fly an all-Airbus fleet which reverses its earlier decision to buy up to 50 of Boeing’s 737 Max planes.

Boeing’s 737 Max jets were involved in two fatal crashes. The planes have been grounded worldwide, deliveries of the plane have halted, airlines have said they will demand compensation.

Flyadeal said it was announcing a “a significant growth to its fleet” with an order of up to 50 A320 Neo airplanes from Boeing’s rival, Airbus. Flyadeal said the deal was struck between its parent company, Saudi Arabian Airlines Corporation, and Airbus during the Paris Air Show in June.

It remains to be seen if smart money will stick with Boeing stock.

Boeing News