Air Lease Corporation (NYSE:AL) inked a deal with EGYPTAIR for the long-term lease of 18 new 737-8 aircraft.
The aircraft are slated for delivery between 2025 and 2026 and are sourced from ALC's orders with Boeing Company (NYSE:BA) and signify the first engagement of ALC with Egypt's national airline.
The collaboration heralds a significant upgrade for EGYPTAIR, replacing older models with Boeing's latest offering, promising advancements in fuel efficiency and competitive operation in North Africa's aviation market.
This transaction marks a strategic shift for EGYPTAIR, underlining the carrier's push for modernization and efficiency. By integrating the Boeing 737-8 into its operations, EGYPTAIR stands to significantly bolster its service offerings and market position.
"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," commented Steven F. Udvar-Hazy, Executive Chairman of Air Lease Corporation.
Price Action: AL shares closed higher by 2.50% at $37.36 on Friday.
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