Flydubai gets $172m financing

Flydubai has signed with Pembroke, a wholly owned subsidiary of Standard Chartered Bank specialising in aircraft leasing, financing and management services, to finance two Boeing 737-800NG aircraft. The eight-year sale and leaseback agreement represents financing of $172 million (Dh631.58 million) in list prices and follows the request for proposal (RFP) issued by flydubai for its 2012 aircraft funding requirements. The two new aircraft will enter the flydubai fleet in June and July, increasing the low-cost carrier's capacity, while supporting network growth across the GCC, Middle East, North Africa, the Indian sub-continent, Asia and Central and Eastern Europe. Flydubai CEO Ghaith Al Ghaith said, "The enthusiastic response to our RFP, which was once again over-subscribed, is a positive start to our fourth year of operations. "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."