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FINANCIAL NEWS
Flydubai gets $750m funding for new aircraft
23 Sep 2010
(MENAFN) Ghaith Al Ghaith, Chief Executive of flydubai, Dubai’s first low-cost airline, said that the carrier has sealed a deal with General Electric Capital Aviation Services (GECAS) in order to secure funding worth $750 million, Daily Gulf News reported.
Flydubai has agreements with both GECAS and BBAM, which are some of the largest aircraft financiers in the world. Both deals are eight-year term sale and leaseback agreements.
The contract with GECAS is for six aircrafts, taking the total number of flydubai aircraft GECAS finances to BBAM is adding another three aircraft to make their total commitment six.
The financing will provide nine aircraft. Flydubai is due to obtain and secure all the airline’s financing requirements until June 2011.
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