Aircraft leasing and management firm Dubai Aerospace Enterprise (DAE) is financing eight of the nine new Boeing 737-800 planes that Egypt Air intends to acquire as part of its expansion strategy.

The nine planes are valued at $864m at current list price, according to a statement released by Boeing at the ongoing Farnborough Airshow in the UK.

The order was previously attributed to an unidentified customer on Boeing’s Order & Deliveries website.

Egypt Air currently operates 20 of the single-aisle B737-800 Next Generation model, in addition to six 777-300ERs and two 777-200ERs, the company said.

Boeing said the 737-800 is the best-selling version of its 737 fleet due to its reliability, fuel efficiency and economic performance.

DAE, chaired by Ahmed bin Saeed al-Maktoum, who also chairs the Emirates Group, is owned jointly by the Investment Corporation of Dubai (ICD), Dubai International Capital, Dubai Silicon Oasis Authority and Emaar Properties.

Gulf airlines have also been expaning their fleet, with Oman Air, Gulf Air, Emirates, Etihad Airways and Qatar Airways all planning to purchase new aircraft. 

France’s Airbus has previously said the GCC and Levant states will be requiring some 2,460 aircraft to meet rising air travel demand to the year 2034.

The region currently has 1,083 active, in service planes, of which Airbus expects some 576 to be retired during the 20-year forecast period. This means the number of in service aircrafts across the region will nearly triple by 2034 to reach about 2,967.

On 19 May, an Egypt Air flight crashed in the Mediterranean Sea shortly before it was expected to land in the Egyptian capital of Cairo. The plane’s flight recorders are currently being analysed to identify the cause of the crash.