European aerospace group EADS has given the go ahead for Airbus to develop a new aircraft to rival Boeing’s fuel-efficient Boeing 7E7.The US plane-maker is due to launch the 7E7 in 2008 and it estimates that the market for such mid-sized jets will be worth more than 300 billion euros over 20 years. The Airbus rival is to be based on the Airbus A330. Called the A350, it will be built with more modern materials and modified wings and will have a longer range. Development costs are estimated at three to four billion euros, with the plane going into service in 2009. In another development, Airbus said that an Asian company has just signed a letter of intend to buy five of its superjumbo A 380 planes but it did not name the company.