flydubai secures financing for nine aircraft

flydubai has announced aircraft financing worth more than $750 million in deals with General Electric Capital Aviation Services (GECAS) and BBAM.

“I am delighted to be able to announce this aircraft financing today. These deals are very significant for flydubai because this committed money secures the next nine aircraft we are due to receive and mean all our financing requirements until June next year are taken care of,” explained Ghaith Al Ghaith, CEO of flydubai.

“We already have agreements in place with both GECAS and BBAM and it is clear from their willingness to enter into further ties with us that they have been pleased with what flydubai has delivered so far. These are some of the largest aircraft financers in the world and their faith in flydubai is a huge endorsement of us and our success since our launch.

“When we went out to the markets this time to seek financing for our aircraft we were overwhelmed by the response. At the end of the day we received offers for far more aircraft than we needed to finance, which is a very nice position for a young and ambitious airline to be in. I believe this is a reflection not only of our position but also of the confidence the financial community around the world has in Dubai.”

Both deals are eight year term sale and leaseback agreements. The agreement with GECAS is for six aircraft, taking the total number of flydubai aircraft GECAS finances to 10. BBAM is adding another three aircraft to make its total commitment six.

flydubai began commercial flights on 1 June 2009. Since then the airline has grown to a fleet of nine Boeing 737-800s operating to 22 destinations within a five hour flight radius of Dubai. Four more aircraft are due to be received before the end of 2010. These will have the new Boeing Sky Interior and will be fitted with the lightweight FTTS inflight entertainment system from Lumexis.

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