DUBAI, UNITED ARAB EMIRATES--(Marketwired - Nov. 19, 2013) - Bombardier Aerospace announced today that Iraqi Airways, the national carrier of Iraq, has signed a letter of intent (LOI) to acquire five CS300 mainline jetliners. The LOI includes options on 11 CS300 aircraft.
Based on CS300 airliner list price, a firm order would be valued at approximately $387 million US and could increase to $1.26 billion US if the 11 options are converted to firm orders. Iraqi Airways operates six CRJ900 NextGen regional jets.
"Over the last few years, Iraqi Airways has successfully utilized its CRJ900 NextGen aircraft to open routes and expand into new markets, and today we are pleased to be taking the next step by expanding and complementing our network operations with the addition of the CS300 aircraft," said Captain Saad Al-Khafaji, Chief Executive Officer and Director General, Iraqi Airways. "Growing passenger demand in an increasingly competitive Middle East and European airline market has created a need for fuel-efficient, comfortable, technology-advanced aircraft like the CSeries jetliners."
The LOI was executed at the Dubai Airshow during a visit that included government officials from Iraq, Canada, Northern Ireland and the United Kingdom.
"I congratulate Bombardier Aerospace and Iraqi Airways on concluding this ground-breaking CSeries aircraft letter of intent - taking their partnership to a new level," said the Honorable Ed Fast, Minister of International Trade, Government of Canada. "This LOI will add another dimension to Canada's participation in Iraq's reconstruction and will help us continue to grow the Canada-Iraq trade and investment relationship."
"As Bombardier Aerospace Belfast is responsible for the design, development and manufacture of the advanced composite wings for Bombardier's CSeries aircraft, today's letter of intent with Iraqi Airways is good news for Northern Ireland," said Arlene Foster, Minister, Enterprise, Trade and Investment, Northern Ireland. "It is a tremendous endorsement of our technological expertise and I am confident that, as the CSeries aircraft program progresses, it will continue to bring significant economic benefits to Northern Ireland."
"This marks a proud achievement for those who have been supporting the need for modern, efficient flying in Iraq and the surrounding region," said Mike Arcamone, President, Bombardier Commercial Aircraft. "The CSeries aircraft will complement Iraqi Airways' CRJ900 NextGen aircraft operation as the airline looks to expand into new markets with fuel-efficient, comfortable, single-aisle aircraft that can reach destinations across the Middle East, Europe and Northern Africa."
Designed for the growing 100- to 149-seat market, the 100 per cent new CSeries aircraft family combines advanced materials, leading-edge technology and proven methods to meet commercial airline requirements. Powered by Pratt & Whitney PurePower PW1500G engines, the CSeries aircraft family will offer a 15(i) per cent cash operating cost advantage and a 20(i) per cent fuel burn advantage. With the extra capacity seating option, the CS300 aircraft's productivity further improves, offering airlines an average of four(i) per cent additional cash operating cost advantage per seat. The CSeries aircraft's clean-sheet design is ensuring that the aircraft will achieve greatly reduced noise and emissions, as well as superior operational flexibility, exceptional airfield performance and a range of 2,950 NM (5,463 km)(i). The CSeries aircraft will be up to 12,000 lbs. (5,443 kg)(i) lighter than other aircraft in the same seat category and will provide passengers with a best-in-class, widebody cabin environment in a single-aisle aircraft.
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Based on the list price for the CS300 aircraft, the firm order is valued at approximately $387 million US and could increase to $1.26 billion US if the 11 options are converted to firm orders.
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