Iran Air has finalised a $16.6bn deal to purchase 80 new aircraft from Boeing.

Including 50 737 MAX 8s, 15 777-300ERs and 15 777-9 jets, the deal is based on a memorandum of agreement (MOA) announced in June.

In September, the US Government gave its approval to the deal, months after the country’s sanctions were lifted on Iran.

Deliveries of the first batch of aircraft under the newly signed agreement are scheduled by 2018.

"Deliveries of the first batch of aircraft under the newly signed agreement are scheduled by 2018."

Iran Air is planning to modernise its ageing fleet with the newly ordered aircraft, reported Tehran Times.

The carrier has already placed orders for 100 Airbus aircraft and 20 smaller planes manufactured by France-based ATR.

According to Boeing, the latest deal with Iran Air will support thousands of US jobs directly associated with production and delivery of the 777-300ER aircraft.

In addition, around 100,000 jobs are expected to be created in the entire US aerospace value stream during the deliveries.

Equipped with CFM International LEAP-1B engines, advanced technology winglets and other improvements, the 737 MAX aircraft have been designed to be 14% more fuel efficient than other next-generation 737 jets.

Designed for the single-aisle market, the first 737 MAX is scheduled to enter service by next year.

Boeing has developed its 777-300ER airplanes to serve the twin-aisle segment, and has so far won more than 800 orders for the aircraft.

Scheduled to enter service by 2020, Boeing’s 777X aircraft will feature new engines and an innovative composite wing, as well as leverage technologies from 787 Dreamliner.