Wealth Management by

Emirates cancels order for 70 A350 aircraft

June 12, 2014 12:43 am

Emirates Airline has cancelled its entire purchase of 70 Airbus A350 jets, dealing an unexpected blow to the European planemaker and engine maker Rolls-Royce, Reuters has reported. The decision cuts the order book for the European company’s newest jet, which is due to enter service in around six months’ time, by around 10%. The Dubai-based airline was among the first buyers for the A350 rival model to Boeing’s 787 Dreamliner when it placed the order for 50 A350-900 and 20 A350-1000 jets in 2007. The deal was worth around $16bn at 2007 list prices, or close to $22bn based on the current catalogue, although launch customers typically negotiate discounts.