FlyDubai has been financed with $320 million by General Electric (GE.N) for purchase of four Boeing 737 aircrafts. The aircrafts are to be delivered this year.

Under the agreement with GE's Capital Aviation Services, two aircrafts are to be delivered in July while the others in October and December.

According to FlyDubai, it is for the first time that it has obtained finance from outside the United Arab Emirates.

Gulf Arab airlines have been buying aircrafts worth billions of dollars, so as to be the center for the international passenger traffic and to serve large emigrants.

It is also in competition with the Sharjah, United Arab Emirates-based, Air Arabia (AIRA.DU) and Kuwait's Jazeera Airways (JAZK.KW).

Also, it benefited as the oil prices dropped 50 percent from $147 as in July last year.

Executives of the FlyDubai executives mentioned that their financial requirements for 2009 have been met with this GE deal.

Chief Executive Ghaith Al Ghaith, said: "We don't have to make any decisions on more financing for at least six more months."

The airline has ordered 50 Boeing (BA.N) single-aisle 737 aircraft worth $4 billion, and four from Babcock & Brown (BNB.AX), a leasing company.