$172 million boost for flydubai’s expansion plans

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Leading GCC budget airline, flydubai, has signed a US$172 million agreement with Pembroke to finance two Boeing 737-800NG aircraft as the company embarks on plans to increase its fleet and connectivity in the region.

The eight-year sale and leaseback deal came about after flydubai’s request for proposal (RFP) for its 2012 aircraft funding needs. Pembroke is a wholly owned subsidiary of Standard Chartered Bank specialising in aircraft leasing, financing and management services.

“The enthusiastic response to our RFP, which was once again over-subscribed, is a positive start to our fourth year of operations,” Flydubai CEO Ghaith Al Ghaith was quoted as saying in various regional media reports.

“This is the first such agreement we have made with Standard Chartered’s subsidiary, Pembroke, and underpins the continued confidence lessors have in us as we drive growth by increasing capacity and connectivity. We have expanded rapidly to become the second largest carrier operating from Dubai International Airport and growing our fleet allows us to serve more passengers around the region.”

The two new aircraft will be added to the flydubai fleet by the end of July and help to boost the airline’s capacity. The company already flies to many destinations in the GCC, Middle East, Africa and Asia.

Jonathan Morris, Chief Executive Officer, Standard Chartered UAE, was quoted as saying: “The UAE is one of Standard Chartered’s top five markets globally and we are committed to helping our clients expand their businesses in the UAE and globally. As an international bank, we strive to bring best international practice in banking and finance and we are glad to extend this facility to flydubai.”

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Reading Time: 1 minute

Leading GCC budget airline, flydubai, has signed a US$172 million agreement with Pembroke to finance two Boeing 737-800NG aircraft as the company embarks on plans to increase its fleet and connectivity in the region.

Reading Time: 1 minute

Leading GCC budget airline, flydubai, has signed a US$172 million agreement with Pembroke to finance two Boeing 737-800NG aircraft as the company embarks on plans to increase its fleet and connectivity in the region.

The eight-year sale and leaseback deal came about after flydubai’s request for proposal (RFP) for its 2012 aircraft funding needs. Pembroke is a wholly owned subsidiary of Standard Chartered Bank specialising in aircraft leasing, financing and management services.

“The enthusiastic response to our RFP, which was once again over-subscribed, is a positive start to our fourth year of operations,” Flydubai CEO Ghaith Al Ghaith was quoted as saying in various regional media reports.

“This is the first such agreement we have made with Standard Chartered’s subsidiary, Pembroke, and underpins the continued confidence lessors have in us as we drive growth by increasing capacity and connectivity. We have expanded rapidly to become the second largest carrier operating from Dubai International Airport and growing our fleet allows us to serve more passengers around the region.”

The two new aircraft will be added to the flydubai fleet by the end of July and help to boost the airline’s capacity. The company already flies to many destinations in the GCC, Middle East, Africa and Asia.

Jonathan Morris, Chief Executive Officer, Standard Chartered UAE, was quoted as saying: “The UAE is one of Standard Chartered’s top five markets globally and we are committed to helping our clients expand their businesses in the UAE and globally. As an international bank, we strive to bring best international practice in banking and finance and we are glad to extend this facility to flydubai.”

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