New engine selected for A320 jets

Dubai: Dubai Aerospace Enterprise (DAE) and IAE International Aero Engines on Sunday announced that DAE Capital, the aircraft leasing and financial business arm of DAE, has selected the V2500 Select-One engine to power 20 new Airbus A320-family aircraft.

The value of this business is $340 million (Dh1.2 billion) at the list price and deliveries are scheduled to begin in 2011. These 20 aircraft are part of a 70-aircraft order the leasing company announced in July 2008.

Superior technology

George Mushahwar, acting chief executive officer of DAE Group, said: "By working with leading global partners such as IAE, Dubai Aerospace Enterprise enjoys the benefits of superior technology, which ensures we meet our business objectives and serve our clients across all deliverables."

Bob Genise, CEO of DAE Capital, said: "In the current economic environment, our customers demand the lowest cost of ownership. The V2500 offers significant advantages for operators, ensuring its position as one of the most popular engines in service today, and making it an important addition to our fleet."

IAE Regional Vice President - Global Leasing, John Swanson added: "DAE Capital is one of the fastest growing aircraft leasing businesses with an expanding customer base. It is becoming a leading force in this industry with truly global reach. We're delighted to be involved with this exciting venture."