GE Capital Aviation Services, a unit of General Electric Co. (GE) Thursday announced the signing of a deal with Dubai's first low-cost airline flydubai to finance four Boeing B737-800 aircraft. The deal, reportedly worth US$320 million, would bring flydubai's total fleet strength to six.
The sale and leaseback agreement requires GE Capital Aviation services to deliver aircraft in 2009 with two expected in July, one in October and one in December. First two of the aircraft delivered will be used to operate in the recently announced Indian routes of Lucknow, Coimbatore and Chandigarh, flydubai said.
Ghaith Al Ghaith, CEO of flydubai said, "This is a significant deal for flydubai as it is the first financing that we have secured from outside the UAE."
flydubai also noted that the deal ensures its financing needs for the rest of 2009 when it would receive further four aircraft from Boeing.
Government of Dubai launched flydubai in March 2008 with a start-up capital of AED250 million. Last year, the company has ordered for 50 Boeing aircraft, worth about US$4 billion.
Recently, flydubai announced flights to eight destinations across the Middle East, North Africa and India, while operating to Beirut, Amman, Damascus and Alexandria.
GE is currently trading at $11.57, down $0.21 or 1.78%, on a volume of 35.35 million shares.
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