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Emirates Scraps Airbus Order, Giving Boeing a Multibillion-Dollar Opening

A Boeing 777-300ER
A Boeing 777-300ERPhotograph by Francis Dean/Corbis

Emirates Airlines has handed a rich opportunity to Boeing by canceling orders worth $16 billion for 70 of Airbus’s new A350 wide-body plane.

In a surprise announcement issued on Wednesday, Airbus said Emirates, one of the top three customers for the new plane, had scrapped its order of 50 A350-900s and 20 of the larger A350-1000 model. Airbus shares slumped more than 4 percent on the news.