Air Lease Corporation Announces Lease Placement of 18 New Boeing 737-8 Aircraft with EGYPTAIR

Rhea-AI Summary

Air Lease Corporation (NYSE: AL) announces a long-term lease contract for 18 new Boeing 737-8 aircraft with EGYPTAIR, marking the first deal between ALC and the Egyptian flag carrier. The new aircraft will be delivered between 2025 and 2026, replacing EGYPTAIR's aging narrowbody fleet with fuel-efficient Boeing aircraft, enhancing the airline's fleet operations and competitiveness.

Positive

• The deal signifies EGYPTAIR's commitment to fleet modernization, environmental sustainability, and future growth plans. It also reflects ALC's successful expansion into the North African market, establishing a strategic partnership with a leading carrier like EGYPTAIR.

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• None.

DUBAI, United Arab Emirates--(BUSINESS WIRE)-- DUBAI AIR SHOW – Today Air Lease Corporation (NYSE: AL) announced long-term lease contracts for 18 new Boeing 737-8 aircraft with EGYPTAIR. These new Boeing aircraft are confirmed to deliver to the airline beginning in 2025 through 2026 from ALC’s order book with Boeing. This is the first deal between ALC and the Egyptian flag carrier and the first 737-8 addition to the EGYPTAIR fleet.

“We are pleased to announce this deal for 18 new Boeing 737-8 aircraft with ALC’s new customer, EGYPTAIR, and be the first to lease the 737-8 to the airline,” said Steven F. Udvar-Hazy, Executive Chairman of Air Lease Corporation. “As a leading carrier in North Africa, EGYPTAIR will continue to excel in the market with these 18 new generation Boeing 737-8 aircraft that will replace EGYPTAIR’s aging narrowbody fleet with the most advanced, fuel-efficient Boeing aircraft and will significantly enhance the airline’s fleet operations and competitiveness.”

“Our team is honored to conclude this important transaction with EGYPTAIR and support the airline with their single-aisle fleet development. We thank our friends at EGYPTAIR for choosing to partner with ALC on this major investment to modernize and grow the carrier's narrowbody fleet and look forward to a successful longstanding relationship between ALC and EGYPTAIR,” added Afeef Louis, Assistant Vice President of Air Lease Corporation

“This major deal with ALC for 18 new Boeing 737-8 aircraft demonstrates EGYPTAIR’s commitment to fleet modernization, environment sustainability and future growth plans. The 737-8 will greatly benefit EGYPTAIR’s operating efficiency and our passenger experience far into the future,” said Yehia Zakaria, Chairman and CEO of EGYPTAIR HOLDING. “We are thrilled to partner with a pioneering lessor such as Air Lease Corporation on this strategic initiative to support EGYPTAIR’s fleet renewal and growth plans.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. The company routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease Corporation’s website regularly for important information. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.

About EGYPTAIR

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’s network reaches more than 70 destinations across 60 countries around the world to meet the needs of its customers. EGYPTAIR has been a Star Alliance member since July 2008. For more news and information please visit: www.egyptair.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231113601743/en/

Investors:

Jason Arnold

Vice President, Investor Relations

Email: investors@airleasecorp.com

Media:

Laura Woeste

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Ashley Arnold

Senior Manager, Media and Investor Relations

Email: press@airleasecorp.com

Source: Air Lease Corporation

FAQ

What is the deal announced by Air Lease Corporation (NYSE: AL)?

ALC announced a long-term lease contract for 18 new Boeing 737-8 aircraft with EGYPTAIR, marking the first deal between ALC and the Egyptian flag carrier.

When will the new Boeing aircraft be delivered to EGYPTAIR?

The new Boeing aircraft will be delivered to EGYPTAIR between 2025 and 2026.

How will the new Boeing 737-8 aircraft benefit EGYPTAIR?

The new aircraft will replace EGYPTAIR's aging narrowbody fleet with the most advanced, fuel-efficient Boeing aircraft, significantly enhancing the airline's fleet operations and competitiveness.

What is the significance of this deal for EGYPTAIR?

The deal demonstrates EGYPTAIR's commitment to fleet modernization, environmental sustainability, and future growth plans, reflecting their strategic initiative to support fleet renewal and growth plans.