| 01 Jul 2009 |
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flydubai agrees US$320m aircraft financing deal with GE Capital Aviation Services
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Dubai, U.A.E., 1st July, 2009 - flydubaiflydubai
, Dubai's first low cost airline, has agreed a deal to finance four Boeing 737-800 aircraft (worth US$320m), with GEGE Capital Aviation Services (GECAS). The sale and leaseback agreement covers the aircraft due to be delivered to flydubaiflydubai from Boeing in 2009, with two expected in July, one in October and one in December.flydubaiflydubai CEO Ghaith Al Ghaith, said: "This is a significant deal for flydubaiflydubai as it is the first financing that we have secured from outside the UAE. This deal ensures our financing needs for the rest of 2009 when we will receive a further four aircraft from Boeing. This will bring our fleet to a total of six aircraft by the end of the year and allow flydubaiflydubai to operate to around 14 destinations."
Norm C. T. Liu, GECAS' newly named President & CEO, said: "This is a major achievement, the product of excellent work between our two teams - we wish flydubaiflydubai every success in this new venture."
flydubaiflydubai was announced by the Government of Dubai in March 2008 with a start-up capital of AED250m. An historic order at the Farnborough Air Show in July 2008, saw flydubaiflydubai become the biggest customer in the Middle East of the 737-800, with an order book of 50 at a list price of approximately US$4bn. The first two of these aircraft arrived in May and went into service at the beginning of June. This financing agreement covers the next four aircraft that flydubaiflydubai will receive.
flydubaiflydubai
has announced flights to eight destinations across the Middle East, North Africa and India, and currently operates to four - Beirut (Lebanon), Amman (Jordan), Damascus (Syria) and Alexandria (Egypt).The first two aircraft covered by this agreement will arrive in July and will service flydubaiflydubai's recently announced Indian routes of Lucknow, Coimbatore and Chandigarh as well as Aleppo (Syria).
The flydubaiflydubai
model is simple, with customers paying only for the services they want to receive. The ticket price includes all taxes and one piece of hand baggage, weighing up to 10kg, per passenger.Passengers have the option to purchase checked-in baggage in advance at just AED40 for the first piece and AED100 for the second, weighing up to 32kgs, subject to availability. Checked baggage at the airport is also strictly subject to availability and passengers are advised to book online early to secure the space, as only pre-purchased baggage can be guaranteed.
A nominal payment of AED5 allows customers to select their seat and just AED50 secures the extra legroom positions. Bookings can be changed for a small fee, plus any difference in the fare, and food and drink can be purchased on board.
flydubaiflydubai operates from a modernised and enhanced Terminal 2 on the north side of Dubai International Airport.
About flydubaiflydubai:
Established in March 2008 with start-up capital of AED 250 million, flydubaiflydubai is Dubai's first low cost airline. Owned by the government of Dubai, the airline will support the city's commercial and tourism sectors by serving all travellers, providing them with affordable air links to a range of destinations.
With flydubaiflydubai, travellers can take 1 piece of hand baggage (weighing up to 10 kg) no larger than 56 cm x 45 cm x 25 cm on board without charge. If the bag does not meet the cabin requirements, it will be checked into the aircraft hold at a cost of AED 150. For a little extra, passengers can check a bag. Each bag purchased can hold up to 32 kg and not larger than 90 cm x 75 cm x 43 cm. If customers want to take more, an additional bag can be purchased, subject to availability.
Based on a low cost business model, flydubaiflydubai offers a value-for-money product at an extremely competitive price. Its website (www.flydubaiflydubai.com) will be an important interface for customers, together with a call centre (+971 4 301 0800) and travel partners.
About GEGE Capital Aviation Services (GECAS):
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GEGE, has a fleet of 1,500+ owned aircraft with approximately 250 airlines in over 70 countries, and it manages over 325 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GEGE Capital, has offices in 24 cities around the world.
GEGE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GEGE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GEGE is Imagination at Work.
For further information, please contact: Zahabia Motiwala or Rima Salman at the flydubaiflydubai
press office at Polaris PR. Telephone: (+9714) 341 5555. Zahabia Motiwala mobile: (+971) 50 768 9440. Rima Salman mobile: (+971) 50 273 4869. E-mail: z.motiwala@polaris-me.com or r.salman@polaris-me.comHeather Redpath, PR Manager for flydubaiflydubai at Mobile: (+971) 50 9508420; Email: heather.redpath@flydubaiflydubai.com
Dan Whitney, for GEGE Capital Aviation Services at (+1) 203 9612466; Email: dan.whitney@ge.com
© Press Release 2009
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