Boeing has officially announced the development of its new 797 aircraft, a mid-market airliner designed to bridge the gap between narrow-body and wide-body planes. The aircraft will feature advanced composite materials, fuel-efficient engines, and a range of up to 5,000 nautical miles.

Key features of the Boeing 797: - Seating capacity: 240-270 passengers - Range: 4,500-5,000 nautical miles - Fuel efficiency: 25% better than current generation aircraft - Entry into service: Expected 2030

"This aircraft represents a new category in commercial aviation," said Boeing CEO David Calhoun. "The 797 will offer airlines unprecedented flexibility for medium-haul routes."

The announcement comes as Airbus continues development of its A321XLR, setting up a new competition in the mid-market segment.