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Dumfriesshire (I-Newswire) December 7, 2011 - After the massive $18 billion deal announced on the opening day of the Dubai Air Show between Boeing and Emirate Airlines, Keizai Group sees no let up in the pace of airline purchases with the announcement on day two of the show that Airbus have concluded a deal for 50 Airbus A320neo airplanes with Kuwaiti based aircraft leasing company Alafco in a deal worth $4.6 billion.
"The firm contract signed today at the 2011 Dubai Airshow is an increase of the initial agreement made at the Paris Le Bourget Airshow for 30 A320neo aircraft," an Airbus statement said.
ALAFCO, or the Aviation Lease and Finance Company, had signed an agreement during the Paris air show in June to buy 30 Airbus A320neo medium-haul passenger jets. The company which provides leasing and finance in compliance with Islamic sharia law has already been delivered 26 single-isle A320 planes.
An option for an additional 30 units was also taken and was to be finalised by the end of the year, the companies told a news conference on the second day of the prestigious aviation show.
ALAFCO chairman Ahmed Alzabin praised the A320neo for the "significant fuel burn savings it offers," saying the plane which is scheduled to enter service in 2015 has become a "must have in our portfolio."
The A320neo is the newest generation of Airbus’ single aisle, 150 seat airplane which has proven incredibly popular with airlines. Airbus has filled almost 1,300 orders for new planes this year, with the A320neo leading the line, and is well on to hit its target of 1,500.
The A320neo (New Engine Option) provides 15% fuel savings over older models and has over 95 percent airframe commonality making it an easy fit into existing fleets while offering up to 500 nautical miles (950 kilometres) more range or two tonnes more payload at a given range. It said the reduction in fuel burn was equivalent to 1.4 million litres of fuel, which equals the consumption of 1,000 mid-size cars.
“The considerable savings that the A320neo offers in fuel costs, adding to the support structures in place and the operation reliability of the A320 family, have helped to meet customer demand and drive demand”, said an aviation sector analyst at Keizai Group, “the success have helped to alleviate market worries of the further delay of the delivery of the new wide bodied A350 family of passenger planes.”"
Higher fuel prices means airlines require fuel efficient aircraft and with the A320neo offering of 15 percent fuel burn reduction, it is the ideal investment," said Airbus' commercial director, John Leahy.
"The significant order from ALAFCO confirms that the neo ticks all the right boxes and is clearly the best product on the market," he added.
ALAFCO has a fleet of 48 aircraft including several of Boeing's single-isle 737 jets, the competitor of the A320. It posted last month a surge in annual net profits to 47 million Kuwaiti dinars ($170.7 million) in the financial year ending September 30, up from 10.8 million dinars ($39.2 million) the year before.
Airbus has received more than 1,300 orders for the A320neo, and orders for 8,100 units of the A320 family with more than 4,800 aircraft already delivered to more than 340 customers.
Airbus' deals followed an order of 50 Boeing 777-ERs worth $18 billion from Dubai airline Emirates Sunday when the biannual airshow opened. It was the largest dollar-value order in the Chicago plane producer's history.
Boeing also won a new regional customer, Oman Air, for its 787 aircraft. Oman Air signed an order for six Boeing 787-8s, completing an arrangement with Boeing and Alafco to transfer existing orders for the six Dreamliners from Alafco to Oman Air.
“The new orders show the Middle East’s determination to become the primary global hub for air travel and the added aircraft demand is providing a shot in the arm for the aviation industry” said the Keizai Group analyst.
UPDATE: ALAFCO expands commitment to 80 Airbus A320neo
ALAFCO, the Kuwait-based international Aviation Lease and Finance Company, has finalised a purchase order for 50 A320neo Family aircraft and took options for 30 more to be finalized by year end.
The firm contract signed today at the 2011 Dubai Airshow is an increase of the initial agreement made at the Paris Le Bourget Airshow for 30 A320neo aircraft which are now confirmed.
ALAFCO has already ordered a total of 26 A320s of which 25 have been delivered to date.
“The A320neo is the market’s favourite single-aisle aircraft family,” said Ahmed Al Zabin, ALAFCO Chairman. “The significant fuel burn savings it offers, combined with the operational reliability and cost effectiveness of the A320 Family, make it an absolute “must have” in our portfolio to meet the demand and the requirements of our customers”.
“Higher fuel prices means airlines require fuel efficient aircraft and with the A320neo offering a 15 per cent fuel burn reduction, it is the ideal investment. The A320neo reduces operating costs whilst enabling airlines to offer the best cabin comfort levels,” said John Leahy, Airbus Chief Operating Officer Customers. “This significant order from ALFACO confirms that the neo ticks all the right boxes and is clearly the best product on the market.”
Over 8,100 A320 Family aircraft have already been ordered and more than 4,800 delivered to more than 340 customers and operators worldwide reaffirming its position as the world’s best-selling single-aisle aircraft family. The A320neo has over 95 percent airframe commonality making it an easy fit into existing fleets while offering up to 500 nautical miles (950 kilometres) more range or two tonnes more payload at a given range.
The A320neo is a new engine option for the A320 Family entering into service from 2015 and incorporates latest generation engines and large "Sharklet" wing tip devices, which together will deliver 15 percent in fuel savings. This reduction in fuel burn is equivalent to 1.4m litres of fuel – the consumption of 1,000 mid size cars. This saves 3,600 metric tonnes of C02 per aircraft per year, the amount absorbed by 240,000 mature trees. The A320neo NOx emissions are 50% below CAEP/6 and this aircraft also has considerably a smaller noise footprint.
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