Posted on: 03 November 2010 by Ross McSweeny
flydubai has signed sale and leaseback agreements on four Boeing 737-800s worth $320 million at list prices with aircraft leasing group Avolon.
In addition to recently announced deals with GECAS and BBAM to finance nine aircraft, this deal secures flydubai’s needs through to December 2011.
Ghaith Al Ghaith, CEO of flydubai, commented, “We are delighted to be able to enter into this partnership with Avolon. Like flydubai, Avolon is a young, ambitious, dynamic company and we look forward to a long and successful relationship with them.
“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 $1 billion. Our next 13 aircraft are now completely financed. This is a further indication that the international financing community views flydubai and Dubai itself as a good investment for the future.”
John Higgins, Avolon president and chief commercial officer, remarked, “We are delighted that flydubai has selected Avolon as a partner in its fleet development plans. A key element of Avolon’s strategy is to identify airlines that are long-term ‘winners’ and to back them in scale. Our team are experienced in structuring large and innovative sale and leaseback financings and we look forward to further developing our relationship with flydubai and our presence in the Gulf over the coming years."