flydubai secures $750m of new aircraft financing

22/09/2010 - Dubai Investment News
flydubai secures $750m of new aircraft financing

Posted by Bob Brunskill

flydubai, Dubai's first low cost airline, has announced aircraft financing worth more than $750m in deals with General Electric Capital Aviation Services and BBAM.

According to the airline, the new funds secure all its financing requirements until June 2011 and will take care of the next nine aircraft it is due to receive.

"When we went out to the markets this time to seek financing for our aircraft we were overwhelmed by the response," said Ghaith Al Ghaith, chief executive officer of flydubai.

"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. 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."

The agreement with GECAS is for six aircraft, taking the total number of flydubai aircraft GECAS finances to ten. BBAM are adding another three aircraft to make their total commitment six.

Since it began commercial flights on June 1st, 2009, flydubai has grown to a fleet of nine B737-800NG aircraft operating to 22 destinations within a five hour flight radius of Dubai.