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Emirates Financially Secure, Raises Cash for A380s
DUBAI — Emirates airline, one of Dubai’s prized assets, said on Thursday it had raised $1.13 billion for the delivery of A380 aircraft from Airbus and was in a secure financial position.
The aircraft will form part of the 53 Airbus A380 aircraft that Emirates has on order, the company said in a statement.
Dubai has ring-fenced key assets from the $26 billion debt restructuring of state-linked Dubai World, including the likes of Emirates.
“Emirates remains in a secure financial position despite the global financial crisis,” Chief Executive Officer Tim Clark said.
“We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability.”
The airline said the funding for the six aircraft was arranged with Citibank, backed by a guarantee from the European Export Credit Agencies and a second with Doric Asset Finance.
It did not give a timeframe for when the money was raised.
“Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion,” it said. —
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