Aircraft Orders & Deliveries
Gulf Air Eyes Up to 20 Boeing 787 Dreamliners to Expand Fleet
Gulf Air considers ordering up to 20 Boeing 787 Dreamliners to modernize its fleet and expand international routes, reinforcing Bahrain-US ties.
Bahrain’s national airline, Gulf Air, is reportedly considering a significant expansion of its wide-body fleet with a potential order of up to 20 Boeing 787 Dreamliner aircraft. This development comes in the context of a high-profile diplomatic meeting between Bahrain’s Crown Prince Salman bin Hamad Al Khalifa and U.S. President Donald Trump on July 16, 2025. The move signals not only Gulf Air’s strategic ambitions but also the deepening of economic and industrial ties between Bahrain and the United States.
The prospective deal includes a firm commitment for approximately 12 Dreamliners, with options to purchase up to eight more. It aligns with Gulf Air’s ongoing efforts to modernize its fleet, replace aging aircraft, and support the launch of new long-haul routes, including a recently announced service to New York JFK. The timing of the potential order underscores the role of aviation as a bridge between diplomacy and economic development.
As the global aviation industry continues its post-pandemic recovery, Gulf Air’s potential investment in Boeing aircraft reflects broader trends in fleet renewal, geopolitical alignment, and regional competition. This article explores the historical background, strategic implications, and industry context surrounding this development.
Founded in 1950, Gulf Air has evolved from a regional operator into a national carrier with international aspirations. Over the decades, the airline has transitioned through various fleet strategies, balancing narrow-body and wide-body aircraft to meet its operational needs. A significant turning point came in 2016, when Gulf Air began a major fleet renewal program by ordering Airbus A321neos and restructuring its Boeing 787-9 Dreamliner commitments.
Today, Gulf Air operates 10 Boeing 787-9 aircraft, with two more on order. These aircraft are configured with 26 business-class seats in Apex Suites and 256 economy-class seats, tailored for long-haul comfort and efficiency. The remainder of the fleet includes Airbus A320 family aircraft and the newer A321neo, supporting regional and medium-haul operations.
This mixed fleet enables Gulf Air to serve both high-density regional routes and longer international sectors. However, the aging of older aircraft models, such as the A320-200s, has necessitated further investment in modern, fuel-efficient aircraft like the Dreamliner.
Gulf Air’s CEO, Jeffrey Goh, has emphasized the need to replace aging jets and expand the airline’s long-haul capabilities. The Boeing 787-9, with its range of over 7,500 nautical miles, offers the flexibility to serve new markets while reducing operating costs. This is particularly important for Bahrain, which lacks the population scale of regional aviation hubs such as Dubai or Doha.
The airline had previously deferred the sale of four A320-200s, indicating a cautious but adaptive approach to fleet planning. The potential new Dreamliner order would allow Gulf Air to retire older aircraft while scaling up capacity for transcontinental routes. Moreover, the expansion aligns with Gulf Air’s broader strategy to enhance its international footprint. The airline has recently announced new long-haul routes, including service to New York JFK, which will require additional wide-body capacity.
“The decision to re-enter the North American market reflects Gulf Air’s objective of expanding in strategic markets with strong commercial relevance.”, Jeffrey Goh, Gulf Air CEO
According to sources familiar with the matter, Gulf Air is considering a two-tiered order: a firm purchase of approximately 12 Boeing 787-9 aircraft and options for up to eight more. This structure provides the airline with flexibility to adjust its fleet expansion based on market conditions and operational needs.
The 787-9 is expected to be the variant of choice, given Gulf Air’s existing experience with the model and its suitability for long-haul routes such as London and New York. The aircraft’s fuel efficiency and passenger comfort make it a logical choice for the carrier’s premium-focused strategy.
While no official pricing has been disclosed, industry estimates suggest the deal could be valued between $3.5 billion and $5 billion at list prices, though actual transaction values are typically lower due to negotiated discounts.
Beyond fleet expansion, the potential Boeing order carries significant industrial implications. It would represent Bahrain’s largest commercial aerospace investment since its initial Dreamliner order in 2016 and would further cement Gulf Air’s relationship with Boeing.
The aircraft are likely to be powered by General Electric’s GEnx engines, continuing Gulf Air’s existing engine standardization. This continuity simplifies maintenance and training, reducing long-term operational costs.
For Boeing, the deal would be a welcome addition to its wide-body order book, which has faced production and supply chain challenges in recent years. It also reinforces Boeing’s footprint in a region where Airbus has been increasingly active.
The timing of the potential order, coinciding with a state visit by Bahrain’s Crown Prince to Washington, underscores the interplay between diplomacy and commerce. While the aircraft deal was not formally part of the diplomatic agenda, such announcements often serve as tangible symbols of bilateral cooperation. During the visit, Bahrain and the U.S. signed agreements on energy and civilian nuclear cooperation, reflecting a broader strategic partnership. Gulf Air’s potential investment in Boeing aircraft complements this alignment by reinforcing economic interdependence.
Bahrain’s reliance on U.S. security and economic ties makes such commercial engagements a key instrument of foreign policy. The state-owned nature of Gulf Air further amplifies the strategic significance of the deal.
Gulf Air’s recent announcement of nonstop service to New York JFK, set to launch on October 1, 2025, illustrates the airline’s ambitions in the transatlantic market. The route will be operated three times per week using Boeing 787-9 aircraft.
This marks Gulf Air’s return to the U.S. market following the retirement of its Airbus A340s. The airline has indicated that further North American routes, such as Houston, may be considered depending on aircraft availability.
These developments highlight the need for additional long-haul capacity and reinforce the rationale for expanding the Dreamliner fleet.
Gulf Air operates in a highly competitive regional environment, dominated by large carriers such as Emirates, Qatar Airways, and Etihad. These airlines benefit from massive fleets and extensive global networks, making it challenging for smaller carriers to compete on scale alone.
To differentiate itself, Gulf Air focuses on point-to-point connectivity, premium service, and Bahraini hospitality. However, its limited fleet size constrains its ability to compete for market share in high-demand long-haul segments.
Analysts note that Gulf Air’s success in new markets will depend on its ability to offer a compelling product and leverage connecting traffic from regions like South Asia. The potential Dreamliner order aligns with broader industry trends, including a resurgence in demand for wide-body aircraft. Airlines across the Middle East and beyond are investing in long-haul capacity as international travel rebounds.
However, supply chain constraints and production backlogs at Boeing could affect delivery timelines. Gulf Air’s existing orders are scheduled through 2026–2027, and any new aircraft would likely be delivered in phases through 2030.
This phased approach allows the airline to gradually retire older aircraft while managing capital expenditures and operational disruptions.
Gulf Air’s consideration of a major Boeing 787 order represents a strategic move to modernize its fleet, expand its international network, and align with Bahrain’s broader economic and diplomatic goals. The timing of the potential deal, during a high-level U.S.-Bahrain summit, underscores the multifaceted nature of such transactions.
As the airline navigates regional competition and global industry dynamics, its ability to execute this fleet expansion effectively will be critical. The potential investment in Boeing aircraft could mark a turning point for Gulf Air, positioning it for sustainable growth and enhanced global connectivity.
What aircraft is Gulf Air considering ordering? Why is Gulf Air expanding its fleet now? How does this deal relate to U.S.-Bahrain relations?
Introduction
Gulf Air’s Fleet Strategy and Modernization
Historical Context and Current Fleet Composition
Fleet Renewal Pressures and Strategic Goals
The Boeing Deal: Structure and Implications
Order Specifications and Aircraft Selection
Industrial and Economic Impact
Diplomatic Context and Strategic Alignment
Operational and Competitive Factors
New Routes and Market Expansion
Regional Competition and Differentiation
Industry Trends and Supply Chain Considerations
Conclusion
FAQ
Gulf Air is considering ordering up to 20 Boeing 787 Dreamliners, with a firm order for about 12 aircraft and options for more.
The expansion supports Gulf Air’s strategy to replace aging aircraft, launch new long-haul routes, and improve operational efficiency.
The potential order coincides with a diplomatic meeting between Bahrain’s Crown Prince and the U.S. President, reflecting deepening economic and strategic ties.Sources
Photo Credit: Boeing
Aircraft Orders & Deliveries
BOC Aviation Renews $3.5B Credit Facility with Bank of China to 2031
BOC Aviation extends its $3.5 billion revolving credit facility with Bank of China to 2031, securing liquidity for aircraft investments and growth.
This article is based on an official press release from BOC Aviation.
BOC Aviation Limited has officially announced the renewal of its US$3.5 billion unsecured revolving credit facility (RCF) with its majority shareholder, the Bank of China. Confirmed on February 16, 2026, the transaction extends the maturity of the facility to February 13, 2031, providing the Singapore-based lessor with a five-year horizon of secured liquidity.
The renewal maintains the facility’s total value at the same level established during its 2020 expansion. According to the company, this move is designed to bolster financial flexibility and ensure consistent access to capital for aircraft investments, regardless of broader market cycles. The agreement underscores the continued financial backing BOC Aviation receives from its parent company, a critical differentiator in the competitive aircraft leasing sector.
The renewed agreement is an unsecured revolving credit facility, a structure that allows BOC Aviation to draw down, repay, and re-borrow funds as needed up to the US$3.5 billion limit. By extending the maturity date to 2031, the lessor secures a long-term funding runway to support its growth strategy.
Steven Townend, Chief Executive Officer and Managing Director of BOC Aviation, emphasized the strategic importance of this renewal in a statement released by the company. He highlighted the alignment between the lessor and its parent organization.
“This RCF extension reflects the confidence that Bank of China has in the future of our business and underscores the depth of our relationship with our major shareholder. The facility strengthens our financial flexibility and ensures our access to ample liquidity to support our aircraft investments across the cycle.”
, Steven Townend, CEO of BOC Aviation
The credit facility has grown significantly alongside BOC Aviation’s fleet over the last two decades. The company provided a timeline of the facility’s evolution, illustrating the increasing scale of support from the Bank of China:
This liquidity event occurs against a backdrop of significant operational activity for the lessor. As of December 31, 2025, BOC Aviation reported a total portfolio of 815 aircraft and engines, including owned, managed, and ordered assets. The company’s reach extends to 87 airlines across 46 countries and regions.
Data released regarding the full year 2025 indicates robust activity, with the company taking delivery of 51 new aircraft and executing a record 333 transactions. These transactions included 160 aircraft purchase commitments, signaling an aggressive growth posture that necessitates substantial available capital. In addition to the RCF renewal, BOC Aviation has recently moved to diversify its funding sources. In early February 2026, the company successfully priced US$500 million in senior unsecured notes. The combination of these notes and the renewed RCF provides a multi-layered capital structure to fund future acquisitions.
The renewal of this facility highlights a structural advantage for BOC Aviation compared to independent lessors. In a high-interest-rate environment or during periods of market volatility, the cost of funds is a primary determinant of a lessor’s profitability. The direct backing of a major state-owned bank allows BOC Aviation to secure large-scale liquidity that might be more expensive or difficult to arrange for competitors without similar parentage.
Furthermore, with supply chain constraints continuing to affect Airbus and Boeing deliveries in 2026, lessors with ready cash are better positioned to execute sale-and-leaseback (SLB) transactions with airlines desperate for liquidity. By locking in US$3.5 billion in revolving credit through 2031, BOC Aviation is effectively positioning itself to act as a liquidity provider to the airline industry, potentially acquiring assets at attractive valuations while manufacturers struggle to meet delivery targets.
BOC Aviation Secures US$3.5 Billion Facility Renewal with Bank of China
Transaction Details and Management Commentary
Historical Evolution of the Facility
Operational Context and Financial Position
AirPro News Analysis
Sources
Photo Credit: BOC Aviation
Aircraft Orders & Deliveries
Air Astana Orders 15 Boeing 787-9 Dreamliners to Expand US Routes
Air Astana finalizes $7B order for 15 Boeing 787-9 Dreamliners to modernize its fleet and enable direct flights to North America starting 2026.
This article is based on an official press release from Boeing and Air Astana.
On February 17, 2026, Air Astana JSC, the flag carrier of Kazakhstan, officially finalized a major agreement with Boeing for up to 15 Boeing 787-9 Dreamliner aircraft. The deal, announced in Seattle, marks the largest single aircraft purchase in the airline’s history and signals a pivotal shift in its long-haul strategy. Valued at approximately $7 billion at list prices, the agreement is designed to modernize the carrier’s widebody fleet and facilitate direct operations to North America.
The acquisition comes at a critical transition point for the Airlines, coinciding with a leadership change and following its recent IPO. According to the official announcement, the new fleet will replace aging Boeing 767s and provide the range necessary to navigate complex geopolitical airspace restrictions while connecting Central Asia to the United States.
The agreement creates a long-term pipeline for fleet renewal. According to details released regarding the Contracts, the order for 15 aircraft is structured in three tiers:
While the newly purchased jets are scheduled for delivery between 2032 and 2035, Air Astana will begin operating the Dreamliner much sooner. Through a separate agreement with Air Lease Corporation (ALC), three leased Boeing 787-9s are expected to join the fleet in the first quarter of 2026. These leased units will allow the carrier to begin pilot training and route expansion immediately, bridging the gap until the direct orders arrive.
The selection of the 787-9 variant represents a significant upgrade in capacity and efficiency over Air Astana’s current widebody workhorse, the Boeing 767-300ER. Data provided in the announcement indicates the new Dreamliners will feature a two-class configuration with 303 seats, a substantial increase from the 223 seats offered on the 767s.
In a notable strategic pivot, Air Astana has selected General Electric GEnx-1B engines to power the new fleet, moving away from a 2012 intention to utilize Rolls-Royce Trent 1000 engines. The airline cites the 787-9’s superior fuel efficiency and range, approximately 7,530 nautical miles, as critical factors in the decision.
“Boeing airplanes have been integral to Air Astana’s operations from the beginning. We are proud that the 787 Dreamliner will support Central Asia’s growing importance in global aviation.”
, Paul Righi, VP of Commercial Sales (Eurasia), Boeing
A primary driver behind this investment is the airline’s ambition to launch non-stop service from Kazakhstan to New York (JFK). This route has long been a strategic goal but faces significant logistical hurdles due to the closure of Russian airspace following geopolitical sanctions. The current geopolitical climate necessitates a southern route over the Caspian Sea, Turkey, and Europe, adding considerable distance to the flight path. The extended range of the Boeing 787-9 is essential to making this detour commercially and operationally viable, allowing Air Astana to bypass Russian airspace without sacrificing payload or requiring technical stops.
The timing of this order suggests Air Astana is aggressively positioning itself as the dominant connector in the Central Asian market, outpacing regional competitors like Uzbekistan Airways. By securing the 787-9, the airline is not only solving the immediate problem of airspace restrictions but is also future-proofing its fleet against fuel price volatility. The shift to GE engines likely reflects a desire for reliability on these ultra-long-haul routes, where engine performance over remote regions is paramount.
The finalization of this order serves as a capstone achievement for outgoing CEO Peter Foster, who is set to retire in March 2026. Foster has led the airline through its recent IPO and this historic fleet renewal. He will be succeeded by current CFO Ibrahim Canliel, who will oversee the financial integration of these assets.
“The 787-9’s advanced technology and efficiency will allow us to connect Kazakhstan to new markets, including North America, with a superior passenger experience.”
, Peter Foster, Outgoing CEO, Air Astana
Sources: Boeing Mediaroom
Air Astana Finalizes Historic Orders for 15 Boeing 787-9 Dreamliners to Target US Routes
Deal Structure and Delivery Timeline
Technical Specifications and Fleet Modernization
Strategic Expansion: The “Holy Grail” of New York
AirPro News Analysis
Leadership Transition
Sources
Photo Credit: Boeing
Aircraft Orders & Deliveries
BlueFive Capital Launches Aircraft Leasing Platform in Oman Targeting $1B Fund
BlueFive Capital launches BlueFive Leasing in Muscat, Oman, aiming to raise over $1 billion to acquire commercial aircraft assets across Middle East, Asia, and Africa.
This article is based on an official press release from BlueFive Capital.
BlueFive Capital, a global alternative investment firm, has officially announced the launch of BlueFive Leasing, a new dedicated aircraft leasing and asset management platform headquartered in Muscat, Oman. The initiative marks a significant expansion for the firm, which is led by former Investcorp Co-CEO Hazem Ben-Gacem.
According to the company’s announcement, the new venture is established through a strategic partnership with a major Omani sovereign institution. To fuel its operations, BlueFive Leasing has commenced fundraising for BlueFive Wings Fund I, an investment vehicle targeting more than $1.0 billion in capital commitments to acquire commercial aircraft assets.
BlueFive Leasing aims to capitalize on the robust demand for air travel across the Middle-East, Asia, and Africa. By establishing its headquarters in Muscat, the platform aligns with broader regional goals to develop local financial markets and diversify economic activities.
The platform’s mandate is broad, covering the full age spectrum of commercial-aircraft. According to the press release, the company plans to build a portfolio containing a mix of:
This flexible approach allows BlueFive Leasing to offer competitive solutions to established airlines globally, particularly those modernizing fleets or expanding routes in high-growth emerging markets.
“The launch of BlueFive Leasing reflects our strategic ambition to diversify regional investment portfolios and provide a new source of aviation capital from the GCC.”
, Hazem Ben-Gacem, Founder & CEO of BlueFive Capital
The launch of the leasing platform follows a period of rapid growth for BlueFive Capital. Founded in late 2024, the firm has quickly scaled its operations. Following the recent close of its $3 billion Onyx Fund I, which focuses on technology investments in the U.S. and Europe, BlueFive Capital now reports approximately $7.4 billion in assets under management (AUM).
Hazem Ben-Gacem, who brings three years of leadership experience from Investcorp, serves as the driving force behind the firm. While specific executive appointments for the leasing arm’s day-to-day management have not yet been detailed, the company states it has assembled an expert management team with deep experience in aviation finance. The establishment of BlueFive Leasing represents more than just a new investment vehicle; it signals the continued maturation of the Gulf Cooperation Council (GCC) as a global hub for aviation finance. Historically, the region was known primarily for its world-class carriers like Emirates and Qatar Airways. Today, however, Gulf nations are moving “upstream” to own the assets themselves.
BlueFive Leasing joins a growing list of regional heavyweights, including Dubai Aerospace Enterprise (DAE) and Saudi Arabia’s AviLease. By partnering with an Omani sovereign institution, widely believed by industry analysts to be the Oman Investment Authority (OIA) or its Future Fund Oman, BlueFive is effectively leveraging sovereign wealth to capture value from the very assets that service the region’s booming travel hubs.
Furthermore, the decision to trade across the “full age spectrum” rather than focusing exclusively on new-technology aircraft suggests an opportunistic strategy. This approach may allow the firm to generate higher yields by trading mid-life assets, a segment where demand remains high due to production delays at major manufacturers like Boeing and Airbus.
BlueFive Capital Launches Aircraft Leasing Platform in Oman, Targets $1 Billion Fund
Strategic Expansion into Aviation Finance
Leadership and Capital Growth
AirPro News Analysis
Summary of Key Facts
Sources
Photo Credit: BlueFive
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