Flydubai in $320m financing deal

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Dubai’s first low cost airline, Flydubai has announced the sale and leaseback agreements on 4 Boeing 737-800 NG aircraft worth a reported $320m at list prices with aircraft leasing group Avolon.

In addition to the recently announced deals with Gecas and BBAM to finance 9 aircraft, this latest deal secures Flydubai’s needs through to December 2011, said a press statement.

Ghaith Al Ghaith, CEO of flydubai had the following to say..

Our next 13 aircraft are now completely financed, which takes us through to December of next year. This deal for four Boeing 737-800NG aircraft comes just five weeks after our announcement of sale and leaseback agreements for nine aircraft with Gecas and BBAM and takes the total value of the financing we have secured during that period to more than $1bn.

Since their launch in May of this year, Avolon has executed contracts and letters of intent for the purchase of over 50 aircraft. The Avolon fleet, comprising Airbus A320’s, Boeing 737NG’s and Airbus A330’s, is valued in excess of $2 billion.

Flydubai began commercial flights in 2009 on 1st June. Since then flydubai has grown to a fleet of 9 B737-800NG aircraft operating to 24 destinations within a 5 hour flight radius of Dubai Airport. 4 more aircraft are due to be received before the end of this calendar year. These will be the new Boeing Sky Interior 737-800NG which will also be fitted with the revolutionary new type of in-flight entertainment system from Lumexis that Flydubai announced earlier this year.

Category: Dubai Airport Hotels, Dubai Airport Terminal 2, Dubai International Airport, Flydubai

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