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SAN FRANCISCO – Bahrain’s national carrier, Gulf Air, has signed a multi-billion-dollar agreement with Boeing to purchase 12 787 Dreamliners, with an option for six additional aircraft, as part of its ongoing expansion and fleet modernisation efforts. Once finalised, the order will increase Gulf Air’s confirmed 787 fleet to 14 jets and is expected to support 30,000 jobs across the United States, according to a joint statement by the two companies. Bahrain’s state news agency reported the value of the agreement at US$4.6 billion for 18 aircraft, while the US Commerce Department estimated the deal at around US$7 billion. Gulf Air Group chairman Khalid Taqi said the purchase represents a “transformational step” in the airline’s growth strategy, helping expand its international reach and align with its sustainability goals. He added that the Boeing 787 has been instrumental in the airline’s long-haul operations, citing its efficiency and passenger comfort. This order comes as Boeing reported its strongest second-quarter commercial aircraft deliveries since 2018, with 150 aircraft handed over. Despite recent aviation setbacks, including a June crash involving a Boeing 787 operated by Air India, the US aviation giant continues to secure major deals. The Air India incident remains under investigation, and no action has been requested from Boeing at this stage. The Gulf Air order follows broader momentum for Boeing, including a recent agreement involving the sale of 50 Boeing aircraft to Indonesia as part of a trade pact announced by US President Donald Trump.

HONG KONG – Citigroup plans to grow its investment banking workforce in Japan by 10% to 15% over the next year and make additional hires in Australia, as part of its broader strategy to scale up in the Asia Pacific, said its regional investment banking head. The expansion comes on the back of surging interest in cross-border mergers and acquisitions (M&A) in Japan, where Citi’s investment banking fees have jumped 140% to US$92 million as of July 10, compared to the same period last year, according to Dealogic data. “We’re making significant investments in strengthening our regional investment banking team,” said Jan Metzger, Citi’s Asia Pacific head of investment banking. “We’re targeting high-growth markets and aiming to outpace that growth.” Citi did not break down headcount plans by market, but Metzger noted that Japan will be a key focus due to ongoing corporate governance reforms, regulatory encouragement for companies to enhance market value, and a robust pipeline of advanced tech capabilities. The bank recently advised Nippon Steel on its US$14.9 billion acquisition of U.S. Steel, a deal Metzger says has sparked increased client interest. “Our phones have been ringing non-stop from companies looking to navigate complex geopolitical transactions,” he added. Citi has already strengthened its Asia team with senior hires this year, including Akira Kiyota from Nomura in Japan and Philippe Perzi, a former Goldman Sachs banker, in Australia. Globally, Citi saw a 13% rise in investment banking fees in the second quarter of 2025. Deal Momentum Builds in Japan and Australia Japan is leading Asia’s M&A recovery this year, recording US$232 billion in deals in the first half of 2025. Bankers expect the momentum to continue, driven by take-private deals, outbound M&A, and growing private equity activity. In Australia, an uptick in international deal activity is giving global banks an advantage over boutique advisory firms. Metzger said Citi’s full-service banking offering enhances its competitiveness in the Australian market. Another growth area for Citi in Asia is convertible bond issuance. The bank recently helped Alibaba raise HK$12 billion (US$1.5 billion) through an exchangeable bond deal. Investor demand for convertible bonds has risen, particularly from Chinese tech firms, as they provide downside protection amid geopolitical uncertainty, Metzger noted.

Jio Financial Services Ltd, part of Mukesh Ambani’s business empire, has entered into a 50:50 joint venture with global insurer Allianz SE to establish a reinsurance business in India. The partnership combines Jio’s strong digital presence in India with Allianz’s global expertise in underwriting and reinsurance, the companies said in a joint statement on Friday. In addition, both parties signed a non-binding agreement to explore setting up general and life insurance businesses in the country, also under an equal ownership model. This move marks another step in Ambani’s push into financial services. Jio Financial already operates in digital banking and recently announced an asset management joint venture with BlackRock Inc. The new reinsurance venture will begin operations once it obtains the necessary regulatory approvals. The announcement comes after Allianz exited its earlier partnerships with Bajaj Finserv Ltd in India. With insurance penetration in India still relatively low at around 3.7% of GDP — compared to other Asian markets like Japan and South Korea — the new venture aims to tap into a growing market with significant potential.