Saudi Arabia, Boeing to buy 78 Dreamliner planes

According to a previous report by the Wall Street Journal, Boeing expects to sell-Dreamliner airplanes to two Saudi Arabian airlines, state-owned Saudi Arabian Airlines Saudia and new national airline Riyadh Air.

The deal is expected to be completed by the end of the week, and the total value of the 78 planes would be $37 billion.

The airlines will be able to purchase additional 43 aircraft after buying the 787 s split between the two buyers.

Saudi Arabia's Crown Prince Mohammed bin Salman announced the launch of Riyadh Air, as the kingdom tries to compete with other regional transport and travel hubs.

Saudi news agency SPA said that Riyadh Air will serve more than 100 destinations around the world by 2030, using the kingdom's location between Asia, Africa and Europe.

Riyadh Air is owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund.

Saudi Arabia was in advanced negotiations to order almost 40 A 350 jets from Airbus in October, despite Boeing lobbying for a slice of the kingdom's transportation expansion.

The deal with the two Saudi airlines follows a major order for Dreamliners and MAX planes from United Airlines in December.