The Boeing Company (NYSE:BA) and Dubai-based airline Emirates announced on Wednesday, July 9th, that the firms had signed the final documents to confirm a $56 billion order for 150 Boeing 777x aircraft. The contract gives Emirates an option to purchase an additional 50 aircraft, which could increase the value of the deal to about $75 billion at list prices.

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Today’s announcement follows last month’s cancellation of a $16-billion order by Emirates to acquire 70 Airbus A350 aircraft, which was a significant blow to the European plane maker.

Although Airbus ended the first half of the year behind The Boeing Company (NYSE:BA) in orders, the firm is still prospering given the ongoing economic expansion, and is expected to unveil a slew of new orders at the Farnborough air show next week.

Statements from Emirates

“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 in a statement released by Boeing. “The 777X will offer us operational flexibility in terms of range, more passenger capacity and fuel efficiency.”

Gulf nations building widebody aircraft fleets

Emirates and Qatar Airways, along with Abu Dhabi’s Etihad airline, have all purchased fleets of widebody aircraft to support the rapid growth of their new Gulf hubs.

Sources say Emirates and Qatar Airways, which also pre-ordered 50 777X jets, negotiated the deal at the Dubai Air Show. Qatar Airways was not available for comment regarding the status of its deal with The Boeing Company (NYSE:BA).

Boeing 777X specs

The 777X widebody is classified as a mini-jumbo jet, and carries a list price of around $320 million based on features.

The latest versions — the 777-8X and 777-9X — of the The Boeing Company (NYSE:BA) widebody can seat up to 550 passengers in a single-class configuration. In a  three-class configuration, the 777X jet family will seat around 386 passengers with a range of up to 9,395 nautical miles.