Standard Chartered and Dubai-based carrier, flydubai, signed a Sale and Leaseback (SLB) agreement for five new Boeing 737 MAX aircraft.
Four of the aircraft were delivered between March and May 2022, while the remaining aircraft is 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.
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.”
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, Standard Chartered said.