Garuda Indonesia, the national airline of Indonesia, has signed an operating lease agreement with DAE Capital for the sale and leaseback of eight new B737-800 aircraft which are due to be delivered by Boeing from June 2009.

DAE finances the first 8 of Garuda’s total order of 50 Boeing 737-800 Next Generation aircraft which will be delivered starting mid-2009. These new aircraft are specifically configured for Garuda Indonesia, with more advanced avionics, more fuel efficient, eco-friendly engines, and a "state of the art" In-flight Entertainment System in all classes.

Bob Genise, CEO of DAE Capital, said: "Once delivered to Garuda, the airline’s passengers will immediately benefit from the modern design and comfort provided by these new aircraft. This operating lease also represents further evidence of how our flexible leasing proposition can benefit airlines, improving both cash-flow and fleet management."

Emirsyah Satar, President and CEO of Garuda Indonesia’s added "In addition to these 50 B-737NG aircraft, Garuda Indonesia has also ordered 10 B777-300ER which will be delivered in 2010 to back up the airline’s network expansions to cope with business development in 2009 and beyond".

Garuda has a fleet of 56 single aisle and wide body jet aircraft and currently flies to 48 destinations in Indonesia, Australia, China, Japan, Korea, Middle East and South East Asia.

Of the fifty plus aircraft in the Garuda fleet they are all Boeings except for six that are manufactured by Airbus.