Business | Aviation
Capital enters leasing agreement with Air New Zealand
DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has signed a long-term leasing agreement with Air New Zealand for two Boeing 777-300 Extended Range aircraft.
- Staff Report
- Published: 16:15 December 28, 2008
Dubai: DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has signed a long-term leasing agreement with Air New Zealand for two Boeing 777-300 Extended Range aircraft.
DAE Capital has signed up the New Zealand flag carrier in a sale and leaseback financing agreement. The deal will see two new Boeing 777-319ER aircraft join DAE Capital's fast growing fleet portfolio, with a lease term of 12 years.
Representing two of Air New Zealand's four aircraft on order with Boeing, the B777-319ERs are due for delivery in January and March 2011 and both aircraft will be equipped with GE 90-115BL engines. Air New Zealand currently operates 50 jet aircraft on routes to 32 city destinations in 16 countries.
“In a short space of time, DAE has grown to represent a major force in the aerospace sector, and this latest agreement is testament to the trust and confidence operators have in our world-class leasing capabilities,'' said Dr. Omar Bin Sulaiman, DAE Group Managing Director.
DAE Capital currently has a leasing fleet comprising of 33 aircraft. It also has more than 200 Boeing and Airbus aircraft on order, with deliveries commencing in 2010. The
Dubai-headquartered company is rapidly establishing itself as a world-class aircraft leasing business.
Bob Genise, CEO of DAE Capital, said: “We are delighted to sign up Air New Zealand with this leasing agreement. It represents further evidence of how our attractive leasing proposition can readily benefit airlines by improving both cash flow and fleet management.''
Mr Rob McDonald, Air New Zealand CFO, said: “the airline was pleased to conclude the agreement and looked forward to a constructive relationship with DAE Capital''.
Share this article
Popular in Business
Business Editor's choice
-
The brains behind campaigns
Chief executives likely to be guided more by bankers and consultants
-
Leaders blast Britain's green departure tax
UK government pulls out of UN body ahead of Copenhagen summit
-
Emirates could buy more aircraft
Airline plans new routes, expects demand to increase
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
