flydubai and GECAS sign sale and leaseback for 737s
flydubai has signed a deal to finance four Boeing 737-800s (worth $320 million at list price), with GE Capital Aviation Services (GECAS).
The sale and leaseback agreement covers aircraft due to be delivered to flydubai from Boeing in 2009, with two expected in July, one in October and one in December.
“This is a significant deal for flydubai as it is the first financing that we have secured from outside the UAE,” noted flydubai CEO Ghaith Al Ghaith. “This deal ensures our financing needs for the rest of 2009. It 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 Liu, GECAS’s new president and CEO, commented, “This is a major achievement, the product of excellent work between our two teams – we wish flydubai every success in this new venture.”
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 service flydubai’s recently announced Indian routes of Lucknow, Coimbatore and Chandigarh.