Palma leasing four Q400s to Ethiopian Airlines
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.