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.