flydubai Signs Finance Deal for Four Boeing B737-800 (BA) aircraft with GE Capital Aviation Services (GE)
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flydubai, Dubai's first low cost airline, has signed a deal to finance four Boeing B737-800 (NYSE: BA) aircraft with GE Capital Aviation Services (GECAS) (NYSE: GE). The sale and leaseback agreement covers the aircraft due to be delivered to flydubai from Boeing in 2009, with two expected in July, one in October and one in December.
flydubai 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 flydubai 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 deal covers the next four aircraft that flydubai will receive. [SM]
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