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Mon 16 Nov 2009 09:21 AM

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flydubai signs $160m financing deal for aircraft

Dubai's budget carrier says it has inked two agreements for Boeing 737 planes.

Dubai's low cost airline flydubai said on Monday it had signed two aircraft financing deals worth a total of $160 million for two Boeing 737 aircraft received in May this year.

The first $80 million five-year Ijara deal was signed with Dubai Islamic Bank and the second was with Macquarie AirFinance, also worth $80 million, newswire Bloomberg reported.

Separately, the budget carrier has signed a deal with US company Goodrich Corporation's Aircraft Wheels and Brakes business to supply wheels and carbon brakes for its new fleet of 54 Boeing Next-Generation 737-800 aircraft.

The agreement is expected to generate up to $22 million in revenue over the life of the contract, including aftermarket support.

Aircraft deliveries with the Goodrich wheel and brake equipment are expected to begin in March 2010 and continue through 2013.

flydubai currently flies to eight destinations - Khartoum, Beirut, Amman, Damascus and Aleppo, Alexandria, Djibouti and Doha - and is planning to launch flights to Baku in the former Soviet Union country of Azerbaijan on November 20.

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