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Abu Dhabi, UAEMonday 25 June 2018

EgyptAir signs Dreamliner leasing deal with Boeing and AerCap

Six 787-9 planes to be leased via Dublin-based AerCap

Visitors walk past a Boeing 787 Dreamliner at the Dubai Airshow. Kamran Jebreili / AP
Visitors walk past a Boeing 787 Dreamliner at the Dubai Airshow. Kamran Jebreili / AP

EgyptAir has announced an agreement with Boeing and AerCap, the aircraft leasing firm part-owned by Abu Dhabi’s Waha Capital, for the lease of six Boeing 787-9 Dreamliner planes.

The agreement, announced at the Dubai Airshow on Wednesday, will see EgyptAir lease the airplanes from Dublin-based AerCap, the world’s largest 787 customer with more than 115 787s owned or on order.

“The 787 Dreamliner has built a reputation for reliability, operational efficiency and passenger comfort,” said Safwat Musallam, the chairman and chief executive of EgyptAir Holding Company.

“We look forward to the 787 becoming an integral part of EgyptAir’s fleet as we progress our modernisation and network expansion plans.”

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Read more:

Bombardier inks $1.1 billion deal with EgyptAir for C Series jets

Boeing inks $27 billion deal with flydubai for 225 737 Max jets

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The leasing agreement comes the day after the North African carrier inked a US$1.1 billion contract with Canada's Bombardier for 12 mix-range jets with the option to buy additional aircraft. The deal may be worth as much as $2.2bn if exercised.

The new AerCap aircraft will be used by EgyptAir Express and the carrier expects to be the regional launch customer for the jets in the region.

The expansion by the Egyptian airline will be a boost to the country's tourism industry, impacted by the devaluation of the pound and terrorism in the Sinai peninsula.

The Egyptian economy picked up in the fiscal year ending June 2017, growing by 4.2 per cent, beating projections of 3.5 per cent growth, according to the IMF.

The Washington-based organisation agreed earlier this month to the disbursement of a $2bn loan after a review of Egypt’s economic reforms.

Boeing announced a landmark $27bn deal with flydubai on Wednesday for the delivery of 225 737 Max jets, Boeing’s largest order of the Dubai Airshow so far, and the largest-ever single-aisle jet order – by number of aeroplanes and total value – from a Middle East carrier.