Dubai’s low cost airline flydubai has closed sale and leaseback agreements deals on four Boeing 737-800 NGs with Avolon.
The move follows earlier similarly structured deals with Gecas and BBAM to finance nine aircraft. Flydubai has now completed its financing arrangement, a total of value of more than $1 billion, until December next year.
“We are delighted to be able to enter into this partnership with Avolon today,” says Ghaith AlGhaith, CEO of flydubai. “Like flydubai, Avolon is a young, ambitious, dynamic company and we look forward to a long and successful relationship with them.”
AlGhaith says the success of its financing arrangements shows “the international financing community views flydubai and Dubai itself as a good investment for the future”.
John Higgins, Avolon President and Chief Commercial Officer, says: “We are delighted that flydubai has selected Avolon as a partner in its fleet development plans. A key element of Avolon’s strategy is to identify airlines that are long-term “winners” and to back them in scale. Our team are uniquely experienced in structuring large and innovative sale and lease-back financings and we look forward to further developing our relationship with flydubai and our presence in the Gulf over the coming years.”