Nov 14, 2023
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
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“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.”