DUBAI, United Arab Emirates--(BUSINESS WIRE)--AerCap Holdings N.V. (“AerCap”) (NYSE: AER) and EGYPTAIR today announced they have reached agreement on the long-term operating lease of 15 Airbus A320neo aircraft, powered by CFM International’s LEAP-1A engine. These aircraft are from AerCap’s order book with Airbus and are scheduled to deliver in 2020.
The announcement was made during the 2017 Dubai Airshow in the presence of His Excellency Minister of Civil Aviation of Egypt Sherif Fathi, EGYPTAIR Holding Company Chairman and CEO Safwat Musallam, EGYPTAIR Airlines Chairman & CEO Captain Sherif Ezzat, AerCap CEO Aengus Kelly and AerCap President & Chief Commercial Officer Philip Scruggs.
AerCap is the world’s largest lessor of the A320neo Family, with 220 owned and on order.
Speaking at the announcement event, AerCap CEO Aengus Kelly said, “AerCap is extremely proud to have been selected by EGYPTAIR to support their narrowbody fleet renewal program. EGYPTAIR has been in business for 85 years and these transactions represent an important milestone in the future development of the airline. These new generation Airbus aircraft will enhance EGYPTAIR’s fleet for many years to come. We thank our friends and partners at EGYPTAIR for the confidence they have placed in AerCap and we look forward to working with the EGYPTAIR and Airbus teams as these aircraft deliver.”
“We are glad to celebrate this new cooperation with AerCap, the world’s leading aircraft leasing company, to be a part of our fleet renewal strategy,” said Safwat Musallam, Chairman and CEO of EGYPTAIR Holding Company. “Today is a distinguished day witnessing a new chapter of fruitful business relations with AerCap, a dear and valued partner in supporting EGYPTAIR's development plan and achieving our future vision and consequently our commitment to our esteemed customers to offer complete on-board comfort. We will continue to invest in the most advanced aircraft to give our customers the best possible travel experience,” added Chairman Musallam.
AerCap is the global leader in aircraft leasing with, as of September 30, 2017, 1,506 owned, managed or on order aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and has its headquarters in Dublin with offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.
EGYPTAIR is the national airline of Egypt, based in Cairo. It was established on May 7th, 1932 as the first airline in the Middle East and Africa and the seventh in the world to join IATA. EGYPTAIR network reaches more than 70 destinations to about 60 countries around the world to meet the needs of its customers. EGYPTAR is a Star Alliance member since July 2008. More news and information is available at www.egyptair.com and EGYPTAIR official pages on social media.
This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are "forward-looking statements". In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "might," "should," "expect," "plan," "intend," "estimate," "anticipate," "believe," "predict," "potential" or "continue" or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements. As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.