Dubai Airshow 2023: Demand for wide-body aircraft grows globally – News
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Demand for wide-body aircraft is growing globally as the global aviation market recovery matures and prepares for the next stage of growth, said Steven F. Udvar-Házy, CEO of Air Lease Corporation.
“As the Covid-19 pandemic came to an end, we saw notable growth in narrowbody aircraft around the world, except in China on domestic travel. We are now seeing an increase in demand for wide-body aircraft. Initially, it was narrow-body, now the industry is reaching a higher level of equilibrium, so there is demand for wide-body aircraft,” Steven said during a press conference while signing an agreement with Egypt Air on the first day of the Air Show. of Dubai 2023. .
Egypt Air on Monday signed an agreement to lease 18 new Boeing 737-8 aircraft to Air Lease Corporation.
Interestingly, Dubai’s flagship airline Emirates also placed an order for 95 Boeing wide-body aircraft worth $52 billion on Monday. Similarly, flydubai also announced the purchase of 30 Boeing 787-9 Dreamliners worth $11 billion as the airline diversifies its fleet with the introduction of wide-body aircraft. The two airlines placed orders worth $63 billion (Dh231.2 billion) on the first day of the Airshow.
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Wide-body aircraft are becoming more fuel efficient, increasing their demand by airlines, especially on long-haul routes.
Steven F. Udvar-Házy stated that aircraft manufacturers have their registrations full, since seats will not be available until the end of this decade.
“There has been tremendous activity by airlines to secure slots for future deliveries from countries such as Saudi Arabia, other Gulf countries, India and even some US airlines. But time will tell if these planes will be delivered on time,” he said, adding that airlines may not be in a position to absorb deliveries of all planes, which is why they are asking for delays in deliveries.
Impact of the Middle East war
In response to a question during the press conference following the signing ceremony of the agreement with Air Lease Corporation, Yehia Zakaria, president and CEO of Egypt Air, said that there is “some kind of impact and cancellations due to the current situation in the region, but it is not complicated.”
Global rating agency S&P previously said that since the war between Israel and Hamas began, several travel agencies in Egypt have reported cancellations of around half of bookings for November and December, especially from European travelers.
Zakaria hoped the conflict would end soon. “Cancellations are not a challenge for us. “It is still within the range because everyone likes to come to Egypt.”
Zakaria revealed that the airline plans 125 aircraft and up to 100 destinations by 2028 as part of its 5-year expansion plan.
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