Low-cost carrier Flydubai has signed an agreement with Standard Chartered for the sale and leaseback of five new Boeing 737 MAX aircraft. 

Four of the passenger jets were already delivered between March and May 2022. The last aircraft is scheduled for delivery before the end of June 2022. 

The sale and leaseback deal (SLB) with the bank is expected to support the airline’s growth strategy as it looks to expand its fleet, according to a statement on Tuesday. 

The budget airline has been expanding its network and capacity since travel restrictions eased worldwide. So far, the carrier’s network has grown to more than 100 destinations, exceeding the levels seen prior to the pandemic. 

During the first quarter of 2022, Flydubai operated 19,000 flights and carried 2.35 million passengers, representing a 114 percent increase compared to a year ago. 

(Writing by Cleofe Maceda; editing by Seban Scaria )