Cebu Pacific leasing aircraft to Saudia's flyadeal
Gokongwei-led budget carrier Cebu Pacific has entered into a strategic partnership with Saudi flag carrier Saudia's low-cost airline flyadeal.
At a ceremony in Parañaque City on Wednesday, Cebu Pacific CEO Mike Szucs and flyadeal CEO Steven Greenway signed a memorandum of understanding (MOU) for both airlines to 'explore joint strategic commercial initiatives.'
The initial phase of the MOU covers a wet-lease arrangement between Cebu Pacific and flyadeal, in which the Saudi Arabian low-cost carrier will lease two aircraft —Airbus A320– from the Philippine budget carrier for the summer peak flying season in the Kingdom of Saudi Arabia next month.
The partnership would also involve joint commercial cooperation and support in maintenance and engineering, according to Szucs.
Consequently, Cebu Pacific is also eyeing wet-leasing flyadeal's A320 aircraft to augment its fleet during the busy winter period in Southeast Asia towards the end of the year.
'With Cebu Pacific's growing fleet, we seek to maximize the potential of our increased capacity through all months of the year. The utilization of our capacity by other carriers during our lean season is a way of achieving that,' said Szucs.
'This partnership with flyadeal highlights Cebu Pacific's growing capability to support international carriers through wet leasing and broader operational collaboration. It diversifies our revenue streams and further expands Cebu Pacific's presence beyond the Asia Pacific region,' he added.
Greenway said the agreement ''marks flyadeal's first ever strategic airline partnership.'
'This was the starting point for wide-ranging commercial discussions covering a broad range of areas, including more immediate needs of wet-leasing aircraft for flyadeal's busy upcoming summer season. It's a win-win situation all around to bring in Cebu Pacific aircraft during our peak period and vice versa for Mike and his team to explore taking our aircraft for their winter peak later this year,'' he said. — VBL, GMA Integrated News
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