Standard Chartered and Dubai-based carrier, flydubai, have successfully signed the Sale and Leaseback (SLB) agreement for five new Boeing 737 MAX aircrafts. Four aircrafts were delivered between March and May 2022 with the remaining aircraft scheduled to arrive from Boeing, before the end of the first half of the year. The deal was structured, financed and arranged exclusively by Standard Chartered.
The transaction will support the future growth of the airline’s fleet, and highlights the strong and long-standing relationship between flydubai and Standard Chartered.
Commenting on the transaction, Ghaith Al Ghaith, Chief Executive Officer of flydubai, said: “We are pleased to have received Standard Chartered’s support on this transaction which builds on previous aircraft financing and leasing agreements. We continue to diversify our sources of funding and attract reliable partners in support of our future growth plans. We look forward to working with Standard Chartered again in the future.”
Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, added: “Standard Chartered has had a long-standing relationship with flydubai and the Investment Corporation of Dubai across multiple businesses. This transaction demonstrates the Bank’s continued commitment to the airline and the Government of Dubai’s vision for the wide spectrum of sectors that support Dubai’s dynamic economy.”
Arbind Kumar, Senior Vice President, Finance of flydubai, added: “We are pleased to partner again with Standard Chartered. The transaction was closed swiftly post-mandate, demonstrating the close working relationship between our institutions and the confidence the market has in our strong business model.”
Kieran Corr, Global Head of Aviation Finance and CEO of Ireland, added: “We are proud to further strengthen our relationship built over a decade with flydubai and support its growth with these new additions to its fleet. This Sale and Leaseback deal shows our commitment to support our clients’ transition to the most fuel-efficient aircraft.”
This Sale and Leaseback (SLB) agreement is another example of how Standard Chartered Aviation Finance is playing a part in the Bank’s journey to net zero by 2050.