FINANCIAL NEWS

Flydubai capital hiked to $136 million

08 Jun 2010

(MENAFN) Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued a law that will raise the paid-up capital of the emirate?s first low-cost carrier, flydubai, by more than double, WAM reported.

The new law amended a preceding law, which had set up flydubai with a capital of $60 million. The amendment more than doubled the capital to $136 million to be fully paid by the Government of Dubai.

Dubai?s one-year-old budget airline started commercial operations in June last year. Last week, the carrier said it carried more than 750,000 passengers during its first year of operation.

Flydubai was established by the Government of Dubai in March 2008 and began commercial flights on June 1st, 2009. The fastest growing startup budget airline currently flies to 21 destinations, 17 of which are operational, with five to follow later in the year.

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