Flydubai secures $172m funds for new planes

Flydubai, Dubai's low-cost airline, said on Sunday it has has signed a deal for $172m in financing. The agreement has been inked with Pembroke Group Ltd, the aircraft leasing and financing business of Standard Chartered, the airline said in a statement. Flydubai added that it will use the funds to buy two Boeing 737-800NG aircraft as the airline continues its expansion. 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, Indian Sub-Continent, Asia, and Central & Eastern Europe, the statement said. Flydubai's CEO, Ghaith Al Ghaith, said: "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." Jonathan Morris, CEO, Standard Chartered UAE, added: "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." Flydubai operates from Terminal 2 on the north side of Dubai International Airport. From Arabian Business