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Bangladesh's GMG to buy 6 Boeings for $900 Million
Agence France Presse
Published in The Saudi Gazette on 17 - 03 - 2008

Bangladesh's biggest private airline GMG will buy six new Boeing aircraft for 900 million dollars as part of a major route expansion, the company said on Sunday.
GMG, the country's oldest private carrier, will buy three Boeing 777-300ER and three 787-9 aircraft as part of its expansion drive in the Gulf, southeast Asia and Europe.
New routes will include Saudi Arabia, Bahrain, Singapore, Hong Kong and London and will be started up over the coming two years, GMG said.
“We've finalized the deal with Boeing. We're now fine-tuning some details with our financiers. We hope to sign the deal within the next six weeks,” GMG chief executive officer Shahab Sattar said. Bangladesh's private airline sector has been booming since state-owned Biman cut domestic and international flights since 2006 to staunch losses totaling 220 million dollars racked up over the past two financial years.
GMG is negotiating with a Kuwaiti financing company and International Finance Corp, the World Bank's private-sector arm, to fund the purchase, Sattar said.
GMG is the second Bangladesh carrier to announce a deal with Boeing recently. Boeing last week concluded a 1.26 billion dollar deal with Biman to supply four Boeing 777-300ER and four 787


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