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UAE's FlyDubai gets GE financing for 4 planes

Wed Jul 1, 2009 4:45am EDT

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DUBAI, July 1 (Reuters) - Low-budget carrier FlyDubai said on Wednesday it had secured $320 million financing with General Electric (GE.N) for four Boeing 737 aircraft to be delivered this year.

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The sale and lease back agreement with GE's Capital Aviation Services unit covers two aircraft due for delivery in July, one in October and one in December, a statement said.

FlyDubai, which currently has only two aircraft, said this was the first financing it had secured from outside the United Arab Emirates. FlyDubai will expand from 4 to 14 destinations with the purchases.

The Dubai government-owned airline ordered 54 Boeing single-aisle 737 aircraft in a deal worth around $4 billion in November.

(Reporting by Nicolas Parasie; editing by John Stonestreet)

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