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Tue 10 Jul 2012 07:32 PM

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Kuwait's ALAFCO inks $1.9bn Boeing 737 deal

Airplane leasing company announces initial commitment for 20 Boeing 737 MAX 8s

Kuwait's ALAFCO inks $1.9bn Boeing 737 deal
(Getty Images - for illustrative purposes only)

Kuwait-based airplane leasing company ALAFCO and Boeing on Tuesday announced initial commitment for 20 Boeing 737 MAX 8s valued at $1.9bn at current list prices.

The signing ceremony was attended by Ahmad A Alzabin, ALAFCO's chairman and CEO, and Ray Conner, president and CEO of Boeing Commercial Airplanes at the Farnborough Airshow in the UK.

Alzabin said in a statement: "Today, with rising fuel costs, the 737 MAX will provide operational cost savings to airlines in addition to being more environmentally-friendly due to its latest quiet engine technology.

"These are the advantages that airlines are looking for in the current competitive and demanding environment."

Conner added: "This is the first agreement for the 737 MAX from the Middle East which is one of the industry's highest growth regions.

"We are proud of the confidence that ALAFCO has placed in the 737 MAX which will deliver unsurpassed fuel efficiency in the single-aisle market as well as improved environmental performance."

The 737 MAX has accumulated more than 1,000 orders and commitments from 17 customers worldwide since its launch in August last year.

ALAFCO had previously ordered six 737-800s in March 2007 with the last airplane delivered to the leasing company in July 2011.

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