flydubai lands new aircraft financing with MCAP
Airline signs contract worth USD $170 million with MCAP for first two aircraft deliveries of the New Year
Tuesday, November 15, 2011 — flydubai, Dubai's pioneering airline, has signed a deal with MC Aviation Partners (MCAP) to finance its first two Boeing 737-800NG aircraft deliveries of 2012.
The announcement for two eight-year sale and leaseback contracts, made at the Dubai Airshow today, represents an investment worth USD $170 million at list prices. It is the first deal from the RFP flydubai issued earlier this year seeking finance for all its aircraft deliveries in 2012.
Ghaith Al Ghaith, CEO of flydubai said: "We have been overwhelmed with interest for our aircraft deliveries next year. We had many offers for each aircraft, which is an enviable position to be in, but having those options makes us confident that we have the right partner in MCAP.
"The rapid expansion we have enjoyed to date will carry on throughout 2012 so we look forward to building our fleet to support this and serving more passengers across our network."
Once flydubai receive these aircraft, which are due off the Boeing production line in Seattle, United States, in January and February 2012, the airline will have amassed a fleet of 23 737-800NGs in less than three years of operation.
The contract for these two aircraft follows a separate agreement signed earlier this year to finance flydubai's next aircraft, which is due off the Boring production line in Seattle, United States, next month.
Tatsuo Sato, CEO of MCAP, said: "As a young company ourselves, we see many synergies with flydubai so we are pleased to have secured this contract, which enhances our relationship with the airline. We are now funding flydubai's next three aircraft, which is an excellent achievement for us."
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 the modernised Terminal 2 building on the north side of Dubai International Airport.
