flydubai, Dubai’s first low cost airline, has signed a deal to finance
four Boeing B737-800 aircraft with GE Capital Aviation Services (GECAS).
The sale and leaseback agreement covers the aircraft due to be delivered
to flydubai from Boeing in 2009, with two expected in July, one in
October and one in December.
flydubai CEO Ghaith Al Ghaith, said: “This is a significant deal for
flydubai as it is the first financing that we have secured from outside
the UAE. This deal ensures our financing needs for the rest of 2009 when
we will receive a further four aircraft from Boeing. This will bring our
fleet to a total of six aircraft by the end of the year and allow
flydubai to operate to around 14 destinations, subject to achieving the
necessary government approvals.”
Norman C. T. Liu, GECAS’ newly named President & CEO, said: “This is a
major achievement, the product of excellent work between our two teams -
we wish flydubai every success in this new venture."
flydubai was announced by the Government of Dubai in March 2008 with a
start-up capital of AED250m. An historic order at the Farnborough Air
Show in July 2008, saw flydubai become the biggest customer in the
Middle East of the 737-800, with an order book of 50 at a list price of
approximately US$4bn. The first two of these aircraft arrived in May and
went into service at the beginning of June. This financing deal covers
the next four aircraft that flydubai will receive.
flydubai has announced flights to eight destinations across the Middle
East, North Africa and India, and currently operates to four – Beirut
(Lebanon), Amman (Jordan), Damascus (Syria) and Alexandria (Egypt).
The first two aircraft covered by this deal will arrive in July and will
service flydubai’s recently announced Indian routes of Lucknow,
Coimbatore and Chandigarh.
About GE Capital Aviation Services
(GECAS):
GECAS, the U.S. and Irish commercial aircraft financing and leasing
business of GE, has a fleet of 1,500+ owned aircraft with approximately
250 airlines in over 70 countries, and it manages over 325 aircraft for
others. GECAS offers a wide range of aircraft types and financing
options, including operating leases and secured debt financing, and also
provides productivity solutions including spare engine leasing, spare
parts financing and management. GECAS, a unit of GE Capital, has offices
in 24 cities around the world.
GE is a diversified global infrastructure, finance and media company
that is built to meet essential world needs.
