Riyadh Air, Saudia announce large Boeing 787 order

Riyadh Air and Saudia reached agreements to purchase 78 Boeing 787 Dreamliner planes to support Saudi Arabia's expanding aviation plans, Boeing announced Tuesday.

The order -- which could reach as many as 121 planes with options -- constitutes the fifth largest by commercial value in Boeing's history.

The contracts are part of "a blueprint for economic and social reform that is opening Saudi Arabia up to the world," said Reema bint Bandar Al-Saud, Saudi Arabia's ambassador to the United States.

While Boeing did not provide an estimate of the total value of the order, the White House said it could reach $37 billion.

"We are particularly pleased that Boeing was able to finally conclude these deals with Saudi Arabia after years of discussions," said White House spokeswoman Karine Jean-Pierre.

"This partnership is another milestone in eight decades of cooperation between Saudi Arabia and American industry."

Riyadh Air, which is owned by Saudi Arabia's Public Investment Fund, agreed to purchase 39 Dreamliners, with options for 33 more jets. National carrier Saudia will buy 39 Dreamliners with options for 10 more.