Air carriers in the Persian Gulf region splashed out over 150 billion US dollars on new plane deals on the first day of the Dubai Airshow. Leading the buying spree is the Dubai-based Emirates Airlines.

Air carriers in the Persian Gulf region splashed out over 150 billion US dollars on new plane deals on the first day of the Dubai Airshow.

The country’s state-owned carrier has ordered 150 Boeing 777s and 50 Airbus Superjumbos in a deal worth up to 99 billion US dollars. The five-day event is taking place at Dubai’s new international airport.

Once it is fully completed in 2020, it will be the world’s biggest airport, capable of 160 million passengers annually. About 1,000 exhibitors from the global civil and military aviation industries have gathered for this year’s airshow, doubling the size of the event.

Participants include 60,000 trade people who are eyeing deals amid a strong rebound in the business in the Middle East. Statistics show that air traffic growth in the Middle East has outperformed all other regions in the world so far this year.