Business & Finance Club - UAE : UAE national airline Etihad has finalised a $4.3 billion deal with GE Aviation for purchase of 70 GEnx-1B engines to power its 35 Boeing 787 Dreamliner aircraft along with a multi-year OnPoint solution services pact on the engines.

GE Aviation, an operating unit of General Electric Company, said the engine order was worth $1.8 billion and the OnPoint solution agreement was valued at $2.5B over its life.

Etihad had announced the engine selection and services agreement at the Paris Air Show in 2009.

“GE Aviation’s GEnx engine will provide Etihad with unmatched fuel efficiency, reliability and performance for its Boeing 787 fleet and the services team will ensure the engine maintain this outstanding performance for years to come,” said David Joyce, president and chief executive officer of GE Aviation.

According to him, the GEnx is the fastest selling engine in the company's history with about 1,300 engines on order and more than 800 of these orders are for the GEnx-1B engine.

Based on the proven architecture of the GE90, the GEnx engine will succeed GE's CF6 engine. Compared to the CF6 engine, the GEnx-1B engine will offer 15 per cent improved fuel efficiency, which translates to 15 per cent less CO2, he explained.

The engine achieves these improvements with aerodynamic advancements that enable higher pressures and improved energy extraction from a more compact core architecture that has significantly fewer parts, the official added.

According to Joyce, Etihad had achieved significant growth since it first took to the skies in November 2003, and today the airline maintains its position as the world's fastest-growing commercial airline.

From its hub in Abu Dhabi, Etihad’s fleet of 53 aircraft operates close to 1,000 flights a week, serving an international network of 63 destinations in 42 countries.

OnPoint the solutions deal, Joyce said these were customized service agreements tailored to the operational and financial needs of each customer for any size fleet.

'These agreements are designed to help lower the customers' cost of ownership and maximize the use of their assets.'

'Backed by GE's global support network, OnPoint services may include overhaul, on wing support, new and used-serviceable parts, component repair, technology upgrades, engine leasing, integrated systems support and diagnostics and integrated systems,' he added.-