flydubai Secures Aircraft Financing with Standard Chartered’s Pembroke for a Value of USD 172 Million
Sunday, 27 May 2012
Dubai,  flydubai, Dubai’s low-cost carrier, has signed with Pembroke, a wholly owned subsidiary of Standard Chartered Bank specialising in aircraft leasing, financing and management services, to finance twoBoeing 737-800NG aircraft.  

The eight-year sale and leaseback agreement represents financing of USD 172 million in list prices and follows the request for proposal (RFP) issued by flydubai for its 2012 aircraft funding requirements. 

Standard Chartered’s Pembroke on board to finance two 2012 aircraft deliveries
Ghaith Al Ghaith flydubai’s chief executive officer, , Jonathan Morris, chief executive officer, Standard Chartered UAE and Kieran Corr, chief commercial ifficer Pembroke Group at the contract signing.
The two new aircraft will enter the flydubai fleet in June and July, increasing the low-cost carrier’s capacity,  with the objective to support its network growth across the GCC, Middle East, North Africa, Indian Sub-Continent, Asia, and Central & Eastern Europe. 

Ghaith Al Ghaith, flydubai’s chief executive officer 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’ssubsidiary, Pembroke, and underpinsthe continued confidence lessors have in us as we drive growth by increasing capacity and connectivity.We have expanded rapidly to becomethe second largest carrier operating from Dubai International Airportand growing our fleet allows us to serve more passengers around the region.”

Jonathan Morris, chief executive officer, 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. As an international bank, we strive to bring best international practice in banking and finance and we are glad to extend this facility to flydubai.” 

Kieran Corr, Pembroke Group's chief commercial officer commented, “We are pleased to combine the global aviation capabilities of Pembroke with Standard Chartered’s local expertise to provide a tailored leasing solution to flydubai. This transaction is a further testament to Standard Chartered’s continued commitment to our airline clients in the Middle East.”