flydubai secures financing for remaining B737-800NG

flydubai has secured financing worth USD $80 million with aircraft leasing company, MC Aviation Partners (MCAP); for the remaining B737-800NG aircraft the airline is due to receive this year.

The eight year sale and leaseback agreement is for flydubai's 10th new Boeing 737-800NG aircraft, fitted with the new Boeing Sky Interior and the airline's revolutionary new in-flight entertainment system, to be delivered in 2011.

flydubai will issue an RFP for the airline's 2012 financing requirements in the near future.

Ghaith Al Ghaith, chief executive officer of flydubai, said: "We are pleased to add MCAP to our existing group of leasing companies, both local and international. Like flydubai, MCAP is a young, ambitious and dynamic company and we look forward to developing a long and mutually beneficial relationship with them.

"The problems faced by this region in the past few months have been well documented, but the overwhelming response we received to our latest request for financing shows the confidence the international markets have in Dubai and flydubai has not been dented. flydubai has experienced tremendous growth since the start of our operations in June 2009. The UAE has also seen positive growth recently, taking the country out of the shadow of the global economic crisis. Companies like MCAP, who have continued to show confidence in us and the UAE, are partly responsible for this and we thank them for their support."

Tatsuo Sato, chief executive officer of MC Aviation Partners, said: "We are pleased to announce this transaction with flydubai, which has successfully laid the foundation for a valuable partnership. We are delighted to work with flydubai, the Gulf's leading airline, and expect this transaction to enhance MCAP's presence in the Middle East."