Fleet Financing

flydubai signs sale-leaseback agreement with Standard Chartered for 5 Boeing 737 Max

A sale-leaseback is an agreement in which the company selling an asset can lease that same asset to the buyer.

“The transaction will support the future growth of the airline’s fleet and highlights the strong, long-standing relationship between flydubai and Standard Chartered,” the low-cost airline said in a statement.

“We are delighted to have received support from Standard Chartered for this transaction which builds on previous aircraft finance and lease agreements,” said Ghaith Al Ghaith, CEO of flydubai.

“We continue to diversify our funding sources and attract reliable partners to support our future growth plans – we look forward to working with Standard Chartered again in the future,” said Al Ghaith.

flydubai, which took delivery of 11 Boeing 737 Max aircraft last year, will add another 23 such planes to its fleet in 2022, Al Ghaith said at a virtual event last week.

The airline, which currently has around 60 aircraft in its fleet, will continue to search for aircraft available on the market to expand its fleet.

“Standard Chartered has a long-standing relationship with flydubai and the Investment Corporation of Dubai across several businesses,” said Rola Abu Manneh, CEO of Standard Chartered UAE. “This transaction demonstrates the Bank’s continued commitment to the airline and the Government of Dubai’s vision for the wide range of sectors that support Dubai’s vibrant economy.”