$2.26 Billion (List) Deal Also Includes 737s

Aero-News has learned Boeing and ALAFCO Aviation Lease and Finance Company held a formal signing ceremony Monday for the direct purchase of 12 787-8 airplanes and six 737-800s. The total value of the deal is $2.26 billion at list prices.

Six of the 787s on order from ALAFCO were booked as unidentified on Boeing's Orders & Deliveries Web site in September 2006. The additional airplanes will be posted to the Web site in March, and will be including in the planemaker's 2007 order numbers. The Sharia-based leasing and finance company is the first Middle East customer to finalize its order for Boeing's popular 787 Dreamliner.

The signing ceremony was hosted by ALAFCO's Chairman and CEO Mr. Ahmad Alzabin and Lee Monson, Boeing's vice president of sales for the Middle East & Africa.

"We're proud to be the first Middle Eastern company to purchase the 787-8 and our confidence to place this innovative airplane with airlines is further bolstered by the unprecedented demand for Boeing's Dreamliner," said Alzabin. "The advanced technologies used to build this airplane will result in great operating efficiencies and substantial cost savings for our airline customers. Both the 787-8 and the very popular Next-Generation 737-800 are strategic investments for ALAFCO, and this order will move the company closer to the realization of our ambitious growth plan."

ALAFCO became a publically-traded company in October 2006. It currently has airplanes on lease with nine carriers worldwide.

"This is a proud day for Boeing in the Middle East," said Boeing's Monson. "ALAFCO's demonstrated faith in Boeing airplanes has further strengthened our working relationship and we're proud to be included as part of what we know is a very sound strategy for growth and continuing success. The Boeing sales teams working around the world will do their utmost to coordinate with ALAFCO on lease content and availability where appropriate."

Boeing reports since it reorganized its sales regions in 2005 -- and deployed a dedicated team in the Middle East -- the planemaker has seen a dramatic turnaround in its market share of commercial airplanes sold in the region.

FMI: www.boeing.com, www.alafco-kw.com/alafco/