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Flydubai Concludes $320mm Agreement With GE Capital Aviation

ImageFlydubai secured a $320 million agreement with GE Capital Aviation Services (GECAS) to finance to finance four Boeing 737-800 aircraft. Under the terms of the sale and leaseback agreement two aircraft will be delivered in July, one in October, and one in December.  Newly named President and CEO of GECAS said “This is a major achievement, the product of excellent work between our two teams – we wish flydubai every success.”

Flydubai CEO Ghaith Al Ghaith said their deal with GECAS is significant because it is their first financing secured outside the UAE.  He said “It ensures our financing needs for the rest of 2009.”   In November the Dubai government owned carrier ordered 54 Boeing single aisle 737 aircraft in a deal worth $4 billion.  Two of the aircraft have arrived and went into service at the beginning of June.

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