The partnership will also mean greater integration between the airlines' existing hubs at Dubai International, where Emirates now operates from its own dedicated Terminal 3, and flydubai mainly operates from Terminal 2. By 2022, the combined network of Emirates and flydubai is expected to reach 240 destinations, served by a combined fleet of 380 aircraft.
The Chairman and Chief Executive of Emirates Group and Chairman of flydubai, Sheikh Ahmed bin Saeed Al Maktoum, said: "This is an exciting and significant development for Emirates, flydubai, and Dubai aviation".
The airlines, both owned by the government of Dubai, said in a statement on Monday their expanded partnership would be rolled out over the coming months, kicking off with an enhanced code share agreement in the fourth quarter.
In the fiscal year 2016/2017 which ended on March 31, Emirate posted an annual profit of 340 million USA dollars, down 82.38 percent from 1.93 billion dollars last year "due to stronger dollar", said the carrier.
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Under the partnership, the Dubai-based carriers will operate an "expansive" codeshare agreement, as well as increased schedule alignment and network optimisation to more than 200 destinations, they said in a statement.
"This partnership isn't about savings, it's about extracting commercial value by leveraging the strengths of both companies to accelerate growth", representatives from the airlines said.
The new arrangement will allow FlyDubai passengers access to Emirates' extensive network and enable Emirates customers access to FlyDubai's regional network. Emirates, the largest airline in the Middle East, flies to 157 destinations with 259 planes, while low-priced airline Flydubai reaches 95 destinations with 58 planes.
Currently, the two carriers cover 216 destinations, with a combined fleet of 317 aircraft.
Both Emirates and flydubai are owned by the Investment Corporation of Dubai.