FlyDubai has closed aviation leasing deals worth $750 million with General Electric Capital Aviation Services (GECAS) and Babcock and Brown Aircraft Management (BBAM), securing all the airline's financing requirements until June 2011.
The deals will take care of the next nine aircraft flydubai is due to receive. Both deals carry eight year sale and leaseback agreements.
The agreement with GECAS is for six aircraft, taking the total number of flydubai aircraft GECAS finances to 10. BBAM are adding another three aircraft to make their total commitment six.
Ghaith Al Ghaith, CEO of FlyDubai, says: "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."
FlyDubai began commercial flights on 1 June, 2009. Since then the airline has grown to a fleet of nine Boeing 737-800NG aircraft operating to 22 destinations.
Source: Commercial Aviation Online
