Boeing Closes $56 Billion Order for 777X

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Dubai airline Emirates finalized a $56 billion order to buy 150 Boeing 777X jets today, firming up a commitment made last year, just weeks after scrapping an order with rival Airbus. The deal includes purchase rights for an additional 50 airplanes which, if exercised, could increase the value to about $75 billion at list prices, according to a report by Reuters. "With the order for 150 777Xs, Emirates now has 208 Boeing 777s pending delivery, creating and securing jobs across the supply chain," Emirates President Tim Clark said.

The agreement comes days before the Farnborough International Airshow, traditionally an event at which billions of dollars of new plane orders are announced. It follows the surprise cancellation in June of a $16 billion order by Emirates to buy 70 of Airbus' A350 aircraft, which delivered a blow to the European planemaker's newest aircraft and hit its share price. Airbus ended the first half of the year behind its U.S. rival in orders and deliveries, but is widely expected to unveil hundreds of new orders at the Farnborough show next week. The Emirates' order was part of the 777X launch at the Dubai Air Show in November last year, one of the largest product launches in commercial jetliner history. Along with Emirates, Gulf carriers Etihad Airways and Qatar Airways also announced deals for the plane, totaling $100 billion at list prices.