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28 March 2024

Flydubai sukuk meets begin tomorrow

Flydubai has a fleet of 41 new Next-Generation Boeing 737-800 aircraft and operates more than 1,100 flights a week across the Middle East, GCC, Africa, Caucasus, Central Asia, Europe and the Indian Subcontinent. (SUPPLIED)

Published
By Staff/Reuters

Dubai Aviation Corp., also known as Flydubai, has chosen banks to arrange meetings with investors starting Thursday ahead of a potential issue of benchmark dollar sukuk, a document from lead managers said on Tuesday.

The firm has picked Crédit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered as arrangers, it showed.

The firm will hold roadshows in Asia, the Middle East and Europe, with a Reg S only dollar benchmark sukuk to follow, subject to market conditions.

Flydubai has a fleet of 41 new Next-Generation Boeing 737-800 aircraft and operates more than 1,100 flights a week across the Middle East, GCC, Africa, Caucasus, Central Asia, Europe and the Indian Subcontinent.

Launched at the end of 2009, Australian think-tank Centre for Asia Pacific Aviation (Capa) said Flydubai had an atypical birth with an order for 50 737-800s at the 2008 Farnborough airshow. It is unusual for LCCs to order aircraft, let alone 50, before they even launch, but the order reflects the seriousness and commitment of Flydubai’s government shareholder to the long-term vision.

These 50 aircraft are for delivery through 2015, and will be supplemented with a further 11 737-800s that were ordered at the November 2013 Dubai Airshow.

Flydubai has mandated CACIB, Dubai Islamic Bank, Emirates NBD, HSBC, NBAD, Noor Bank and Standard Chartered to arrange a series of fixed incoming investor meetings for a potential dollar-denominated benchmark sukuk.

The roadshow will head to Singapore on November 13, Abu Dhabi and Dubai on November 17 and London on November 18. A Reg S only deal may follow.