Dubai's DAE arm to lease 8 Boeings to Garuda Indonesia

AIR BORNE: DAE Capital is investing $27bn in aircraft, including 100 Airbus A320s, A350 XWBs & 100 Boeing 737.

DAE Capital, the aircraft leasing and financial arm of state-owned Dubai Aerospace Enterprises, said on Monday it agreed to dry-lease eight Boeing 737-800s to Garuda Indonesia airline.

The short-haul aircraft are due to be delivered by Boeing from June 2009, DAE said in a statement.

A dry lease is one without insurance, crew or maintenance.

Garuda is one of six government-owned firms which are considering an initial public offering either this year or next year, Indonesia's state enterprises minister said in February.

DAE Capital is investing $27bn in aircraft, including 100 Airbus A320s, A350 XWBs and 100 Boeing 737 aircraft and wide-body planes. (Reuters)

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