The signing ceremony, attended by Indonesian president Susilo Bambang Yudhoyono, took place in Ritz Carlton Hotel, SCBD, Jakarta during the World Islamic Economic Forum (WIEF) today (02/03).
The deal with Indonesia's flag carrier involves the sales and leaseback of eight new B737-800 aircraft which are due to be delivered by Boeing from June 2009. The short-haul aircraft will join DAE Capital's fast growing fleet portfolio and will be dry leased for an extended term.
H.E. Dr. Omar Bin Sulaiman, DAE Group Managing Director said that, "The DAE business model provides us with an opportunity to help airlines manage their operations, even during a market downturn. As this is one of our key strengths, it's gratifying to be given the opportunity to work with Indonesia's largest carrier in completing this agreement, which also adds to Dubai's growing aircraft leasing market and fleet."
Bob Genise, CEO of DAE Capital said, "Once delivered to Garuda, the airline's passengers will immediately benefit from the modern design and comfort provided by these new aircraft. This operating lease also represents further evidence of how our flexible leasing proposition can benefit airlines, improving both cash-flow and fleet management."
Emirsyah Satar, President & CEO Garuda Indonesia said, "We are delighted with our agreement with DAE Capital, a company with proven credentials in aircraft leasing. We look forward to building a long-term relationship with this highly capable leasing and finance enterprise. DAE finances the first 8 of Garuda's total order of 50 Boeing 737-800 Next Generation aircraft which will be delivered starting mid-2009. These new aircraft are specifically configured for Garuda Indonesia, with more advanced avionics, more fuel efficient, eco-friendly engines, and a 'state of the art' Inflight Entertainment System in all classes."
"In addition to these 50 B-737NG aircrafts, Garuda Indonesia has also ordered another 10 B777-300ER which will be delivered in 2010 to back up the airline's network expansions to cope with business development in 2009 and beyond," explain Emirsyah.
DAE Capital's fleet currently comprises 33 single aisle and wide-body aircraft. Furthermore, it has 28 aircraft contracted on a purchase and leaseback basis. DAE Capital has committed to invest in a fleet portfolio with an estimated market value of $27bn that will gradually encompass 100 Airbus A320 family and A350 XWB aircraft, and 100 Boeing 737 Next Generation aircraft and wide-body planes, which will commence delivery in 2010.
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DAE Capital to dry lease aircraft to Garuda
- United Arab Emirates: Monday, March 02 - 2009 at 12:19
- PRESS RELEASE
DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has signed an operating leasing agreement with Garuda Indonesia for eight Boeing 737-800 aircraft.
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About DAE Capital:DAE Capital is part of Dubai Aerospace Enterprise, a fast developing global aerospace, manufacturing and services corporation made up of six divisions. The others are DAE Engineering, DAE Services, DAE Manufacturing, DAE Airports, and DAE Flight Academy. Being established as an aircraft leasing and finance business, DAE Capital aims to become one of the largest aircraft leasing companies serving an international market, inside the next decade.
It aims to support the incredible demand for new aircraft globally, with a balanced quality portfolio of single-aisle and wide-body aircraft. DAE Capital offers clients and investors a proposition few others can match. As one of six divisions of DAE, the group provides a synergised cluster of aerospace services, allowing customers to benefit from a world-class shared knowledge and service pool.
Its unrivalled position allows it to provide advanced value-added services to airlines in conjunction with the other DAE segments such as engineering, maintenance, repair and overhaul. DAE Capital seeks to become an integral part of the global aerospace industry and a leading player on the world stage in terms of aircraft leasing and finance.
About Garuda Indonesia:
indonesia.com Garuda Indonesia is the national flag carrier of Indonesia, with fleet of 56 single aisle and wide body jet aircraft. The airline currently flies to 48 destinations in Indonesia, Australia, China, Japan, Korea, Middle East and South East Asia. After carrying out an organisational restructuring and business transformations, Garuda Indonesia has succeeded to turn around to profit consecutively in 2007 and 2008. Garuda Indonesia continually improves its quality of services through improvement programs such as Indonesia hospitality (Garuda Experiences), Internet booking and networks expansions.
As part of an on-going fleet revitalization program, Garuda Indonesia has ordered 50 Boeing 737-800 Next Generation aircraft and 10 Boeing 777-300 Extended Range aircraft for delivery commencing 2009.
About DAE:
DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions: DAE Capital, DAE Engineering, DAE Services, DAE Manufacturing, DAE Airports, and DAE Flight Academy.
Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central - the new 140 square kilometre airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.
For further information, please contact:
Dana Salloum
PR Specialist, Marketing & Corporate Communications
Dubai Aerospace Enterprise
P O Box 506592, Dubai, United Arab Emirates
T: +971 4 4289 546
F: +971 4 4250 382
Posted by Rana MesbahMonday, March 02 - 2009 at 12:19 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Apr 02 2009.
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