Standard Chartered's Pembroke on board to finance two 2012 aircraft deliveries

Dubai, UAE - 27 May 2012: flydubai, Dubai's innovative low-cost airline, has signed with Pembroke, a wholly owned subsidiary of Standard Chartered Bank specialising in aircraft leasing, financing and management services, to finance two Boeing 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. The two new aircraft will enter the flydubai fleet in June and July, increasing the low-cost carrier's capacity, while supporting network growth across the GCC, Middle East, North Africa, Indian Sub-Continent, Asia, and Central & Eastern Europe.

flydubai's CEO, Ghaith Al Ghaith, 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's subsidiary, Pembroke, and underpins the continued confidence lessors have in us as we drive growth by increasing capacity and connectivity. We have expanded rapidly to become the second largest carrier operating from Dubai International Airport and growing our fleet allows us to serve more passengers around the region."

Jonathan Morris, Chief Executive Officer, Standard Chartered UAE, said: "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."

In tandem with the growth of its route network, flydubai has also established one of the fastest-growing and youngest fleets in the region. It has pioneered state-of-the-art features such as the Boeing Sky Interior and the 'Fiber-To-The-Screen®' In-Flight Entertainment system by Lumexis, which offers passengers 500-hours of non-stop entertainment, including more than 150 movies, 160 TV programmes and 280 music albums. Once these latest aircraft are delivered, more than 70% of flydubai's fleet will be equipped with IFE.

Kieran Corr, Chief Commercial Officer Pembroke Group, said: "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."

flydubai has a simple model where customers only pay for services they want to receive. Fares are inclusive of all taxes plus one piece of hand luggage weighing up to 7kg and one small laptop bag or hand bag. Checked baggage starts at AED50 for 20kgs. A seat with extra legroom costs AED100.

flydubai operates from Terminal 2 on the north side of Dubai International Airport.

About flydubai:
Established in March 2008, flydubai is Dubai's first low-cost airline and the fastest growing start-up airline in the world. Since commencing operations in June 2009, the airline has established an operational route network of more than 45 destinations across GCC, Middle East, North Africa, Indian Sub-Continent, Asia and the fringes of Europe and has built up a fleet of 23 aircraft. Owned by the government of Dubai, the low-cost carrier supports the city's commercial and tourism sectors by serving all travellers and providing them with affordable air links to a range of destinations. The airline is dedicated to quality service and comfortable travel, lowering costs by optimising operational efficiencies and offering the passenger more choice. 

For more information about flydubai services, please visit www.flydubai.com or contact the call centre (+9714 231 1000) or travel partners.

For further information, please contact:
Aimee Greaves for flydubai at Mobile: (+971) 56 682 6100; Email: aimee.greaves@flydubai.com 

Joanna Agnew, DABO & CO at Mobile (+971) 50 651 9547; Email: joanna.a@daboandco.com

Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.

For more information on Standard Chartered, please visit www.standardchartered.com Follow Standard Chartered UAE at www.facebook.com/standardchartereduae and on Twitter @StanChartUAE.

For further information about Standard Chartered, please contact:
Ramy Lawand
Senior Regional Manager, External Communications
Standard Chartered MENAP
Tel: 009714 508 2564
Mobile: 00971 56 675 9894
E-mail: Ramy.Lawand@sc.com

© Press Release 2012