in Air Transport / Business & Finance

Palma leasing four Q400s to Ethiopian Airlines

Posted 5 February 2014 · Add Comment

Palma Holding Limited (Palma) has signed a firm purchase agreement for four dual-class Q400 NextGen aircraft with Bombardier - with options on four more - which it will lease to Ethiopian Airlines.

Ethiopian Airlines currently operates a fleet that includes 13 Q400 NextGen airliners.

The agreement, which also includes options for an additional four Q400 NextGen aircraft, follows a letter of intent to acquire the aircraft that Bombardier announced on 18 November, 2013. Under a joint venture with Ibdar Bank BSC, Palma intends to lease four of the Q400 NextGen aircraft to Ethiopian Airlines.

As previously announced, based on list price, the contract value for Palma’s transaction covering four Q400 NextGen aircraft and four options is approximately $282 million.

“The two-class configured Q400 NextGen aircraft provides customers like Ethiopian Airlines with operational flexibility, as well as excellent route and lease structures prospects – we look forward to joining the Bombardier family,” said Moulay Omar Alaoui, president, Palma Holding Ltd. “The addition of the Q400 NextGen airliner to our portfolio will present many exciting business development opportunities for our customers.”

“I am delighted to welcome Palma as the first Middle Eastern lessor for the Q400 NextGen aircraft, and the first lessor worldwide for the aircraft’s dual-class configuration,” said Mike Arcamone, president, Bombardier Commercial Aircraft. “As momentum for the Q400 NextGen aircraft continues to build in the Middle East, Africa and elsewhere, we look forward to adding many more operators to the family of 50 that are presently deriving excellent benefits from the aircraft’s operational flexibility, outstanding performance, passenger amenities and environmental credentials.”

Bombardier’s presence in the Middle East and Africa currently includes more than 200 Dash 8/Q-Series turboprops, CRJ regional jets and CSeries single-aisle, mainline aircraft in service or on firm order.
 

* required field

Post a comment

Other Stories
Advertisement
Latest News

Colas UK secures construction deal for new Ugandan Hoima International Airport

Colas UK has revealed its new direction as a transport infrastructure company able to compete for the largest projects both in the UK and overseas.

How to make the African cargo industry shipshape

Two major air cargo conferences took place in Addis Ababa, the Ethiopian capital, in June. Kaleyesus Bekele reports.

Travelport achieves ground-breaking IATA NDC Level 3 certification

Travel Port ha been certified by the International Air Transport Association (IATA) as a “Level 3” aggregator under IATA's New Distribution Capability (NDC) initiative intended to create a new distribution standard for the airline

Flight for sore eyes

It's not rare to spot an MD-10 aircraft in African skies but there is one unique jet, owned by Orbis that is saving the sight of thousands and offering life-changing training in eye care.

Etihad Airways adds new B787 to Casablanca route

Etihad Airways is to operate its flagship Boeing 787 Dreamliner on the Abu Dhabi – Casablanca route, effective 1 May 2018.

Conference plots the future direction for drones

Unmanned air vehicles and their potential uses throughout Africa were put under the microscope at the Drones East Africa Conference in Nairobi. Githae Mwaniki reports.

Aviation Africa SK18418
See us at
Aviation Africa BT18418