Garuda Indonesia To Lease Eight 737-800s from DAE

 - March 3, 2009, 10:29 AM

DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), yesterday signed an operating lease agreement with Garuda Indonesia covering eight Boeing 737-800s. The signing ceremony, attended by Indonesian president Susilo Bambang Yudhoyono, took place at the Ritz Carlton Hotel in Jakarta during the World Islamic Economic Forum (WIEF). The deal with Indonesia’s flag carrier involves the sales and leaseback of eight new 737-800s due for delivery by Boeing starting in June.

“DAE finances the first eight of Garuda’s total order of fifty Boeing 737-800 Next Generation aircraft, which will be delivered starting mid-2009,” confirmed Emirsyah Satar, president and CEO of Garuda Indonesia. “In addition to these fifty 737NG aircraft, Garuda Indonesia has also ordered another ten 777-300ERs, which will be delivered in 2010 to back up the airline’s network expansions to cope with business development in 2009 and beyond.”

DAE Capital’s fleet now includes 33 single-aisle and widebody aircraft. It has also contracted 28 more airplanes on a purchase and leaseback basis. DAE Capital says it has committed to invest in a fleet portfolio with an estimated market value of $27 billion, eventually covering 100 Airbus A320 family and A350 XWB aircraft and 100 Boeing 737NGs and B777 widebodies.