Dubai airlines agree finance deals for new aircraft
Low cost carrier flydubai has signed aircraft finance deals worth more than $750 million with General Electric Capital Aviation Services and Babcock and Brown Aircraft Management while its legacy sibling has done a deal for financing two A380s.
UAE newspaper Gulf News reported today that the airline - part of the Emirates group - could be expanding routes intos into northern and southern Africa as well as across India and Saudi Arabia. In a statement the airline said it would use the cash to finance its next nine aircraft purchases, plus other financing requirements the carrier may have up to June next year.
Flydubai chief executive officer Gaith Al Gaith said he had seen a lot of interest in the finance deal . "GE Capital and BBAM are some of the largest aircraft financiers in the world and their faith in flydubai is a huge endorsement of us and our success since our launch," he said.
"This 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," he said.
Emirates mandated Citi in 2009 for three A380s. That transaction was successfully completed with the third delivery in June 2010.
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