Qatar buys Boeing aircraft in 'very large transaction,' Trump says
President Trump doubled as chief dealmaker on Tuesday. While hosting Qatari Emir Sheikh Tamim bin Hamad Al-Thani at the White House, he disclosed an incoming order for Boeing.
“We're going to be signing a document today, very large transaction,” said Trump. “It’s a transaction that will be purchasing a lot of Boeing jets, that means a lot of jobs,” he added without elaborating.
Following the meeting, the White House released specifics on the transaction, which includes five Boeing 777 freighters. The value of the deal, which was first announced at the Paris Airshow, is nearly $2 billion.
Several other U.S. companies are also getting business from Qatar including, Gulfstream, owned by General Dynamics, for large-cabin aircraft. Raytheon will sell NASAM and Patriot Systems to Qatar's Ministry of Defense, General Electric will see an order for jet engines that power 787 and 777 planes and Chevron-Phillips Chemical, a unit owned by the two companies, will work with Qatar Petroleum on development of a petrochemical plant along the U.S. Gulf Coast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 164.34 | -4.83 | -2.86% |
| GD | GENERAL DYNAMICS CORP. | 281.06 | -11.64 | -3.98% |
| RTN | n.a. | n.a. | n.a. | n.a. |
| GE | GE AEROSPACE | 159.26 | -3.45 | -2.12% |
| CVX | CHEVRON CORP. | 163.64 | +0.80 | +0.49% |
| PSX | PHILLIPS 66 | 157.79 | -1.05 | -0.66% |
FOX Business’ inquiries to Boeing were not returned at the time of publication.
Boeing shares got a boost on the news which helped overshadow a dismal order update released earlier in the day.
The aerospace giant disclosed it received no new orders in the first half of the year for its best-selling 737 Max jet as the fleet remains idled after two fatal crashes, sending overall deliveries plummeting.
On Monday, Boeing lost a key order to rival Airbus. Saudi Arabia’s flyadeal said it was terminating a prior order for Boeing’s 737 Max jet and switching to Airbus.
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Shares of Boeing have gained more than 8 percent this year.
FOX Business' Joe Williams contributed to this report