Dubai, Dubai Aerospace Enterprise (DAE) and IAE International Aero Engines today announced that DAE Capital, the aircraft leasing and financial business arm of DAE, has selected the V2500 SelectOne™ engine to power 20 new Airbus A320 Family aircraft.

The value of this business is $340 million at list price and deliveries are scheduled to begin in 2011. These 20 aircraft are part of a 70-aircraft order the leasing company announced in July 2008.

George Mushahwar, Acting Chief Executive Officer, DAE Group said: “By working with leading global partners such as IAE, Dubai Aerospace Enterprise enjoys the benefits of superior technology, which ensures we meet our business objectives and serve our clients across all deliverables.”

Bob Genise, CEO of DAE Capital, said: “In the current economic environment, our customers demand the lowest cost of ownership. The V2500 offers significant advantages for operators, ensuring its position as one of the most popular engines in service today, and making it an important addition to our fleet.”

IAE Regional Vice President – Global Leasing, John Swanson added: “DAE Capital is one of the fastest growing aircraft leasing businesses with an expanding customer base. It is becoming a leading force in this industry with truly global reach. We’re delighted to be involved with this exciting venture.”

The V2500 is available in seven different thrust settings, from 22,000 to 33,000 lb, to power the Airbus A319, A320 and A321 Family of aircraft as well as the Airbus Corporate Jetliner. There are more than 5,500 V2500s in service or on firm order with more than 180 customers around the world.

The V2500 SelectOne™ build standard delivers an additional one percent fuel burn advantage, along with a corresponding reduction in CO2 emissions. It improves time-on-wing by up to 20 percent, and is compliant with the most stringent CAEP/6 NOx standards. It entered service on time in October 2008.<

Source: Press Release (Dubai Aerospace Enterprise and IAE International Aero Engines)