Signed by "Fly Dubai" and "Standard Chartered"

Deal to sell and lease back 5 Boeing 737-8 Max aircraft

The "fly Dubai" fleet received the first 4 aircraft during March and April 2022. Archive

Standard Chartered Bank and flydubai have successfully signed a sale and leaseback agreement for five Boeing 737-8 Max aircraft.

A statement stated that the first four aircraft were delivered during the months of March and April, and the remaining aircraft from Boeing are scheduled to arrive before the end of the first half of 2022.

The transaction, which was structured, financed and arranged exclusively by Standard Chartered Bank, supports the future growth plans of flydubai's fleet and highlights the strong and long-standing relationship between flydubai and Standard Chartered.

“We are pleased to receive the support of (Standard Chartered Bank) in this transaction, which is an extension of many previous financing and aircraft leasing agreements,” said Ghaith Al Ghaith, CEO of flydubai, stressing that flydubai will continue to diversify its funding sources and attract trusted partners to support them. Future growth plans, therefore, she looks forward to working with Standard Chartered again in the future.

For her part, CEO of Standard Chartered Bank in the UAE, Rola Abumaneh, said that Standard Chartered enjoys a strong and long-term relationship with both "Fly Dubai" and the Investment Corporation of Dubai, through many companies operating under its umbrella.

She added, "This transaction demonstrates the bank's continued commitment to supporting the Dubai government's vision of sectors that support the emirate's vibrant economy."

In turn, Senior Vice President of Finance at flydubai, Arbind Kumar, said that the deal was completed in record speed after the authorization, which indicates the close working relationship between our institutions, and the confidence that the market places in our strong business model.

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