GE Capital Aviation Services Signs Aircraft Financing Deal With flydubai

On Thursday July 2, 2009, 7:36 am EDT
DUBAI, United Arab Emirates--(BUSINESS WIRE)--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. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work .
About flydubai:
Established in March 2008 with start-up capital of AED 250 million, flydubai is Dubai’s first low cost airline. Owned by the government of Dubai, the airline will support the city’s commercial and tourism sectors by serving all travellers, providing them with affordable air links to a range of destinations.
With flydubai, travellers can take 1 piece of hand baggage (weighing up to 10 kg) no larger than 56 cm x 45 cm x 25 cm on board without charge. If the bag does not meet the cabin requirements, it will be checked into the aircraft hold at a cost of AED 150. For a little extra, passengers can check a bag. Each bag purchased can hold up to 32 kg and not larger than 90 cm x 75 cm x 43 cm. If customers want to take more, an additional bag can be purchased, subject to availability.
Based on a low cost business model, flydubai offers a value-for-money product at an extremely competitive price. Its website (www.flydubai.com) will be an important interface for customers, together with a call centre (+971 4 301 0800) and travel partners.
Contact:
GE Capital Aviation Services
Dan Whitney,
203-961-2466
dan.whitney@ge.com
or
flydubai
Polaris PR
Zahabia Motiwala,
(+9714) 341 5555
mobile: (+971) 50 768 944
0z.motiwala@polaris-me.com
or
Rima Salman,
(+9714) 341 5555
mobile: (+971) 50 273 4869
r.salman@polaris-me.com
or
Heather Redpath
PR Manager
Mobile: (+971) 50 9508420
heather.redpath@flydubai.com