Emirates boss: We’ll meet our commitments
LONDON —Emirates Airlines says it is in good shape and will not be unduly affected by the financial crisis in Dubai.
“We are all a bit shocked by what’s happened,†Emirates president Tim Clark told the UK Sunday Telegraph newspaper.
“But Dubai will navigate itself out of this, as will we. I am confident that the airline will not be affected by this.”
The main stock markets in Dubai and Abu Dhabi closed sharply lower on Monday after Dubai’s property developer, Nakheel, asked for trading of some of its Islamic bonds to be suspended.
Clark told the Sunday Telegraph that his airline did not intend to cancel any orders for new aircraft, adding that its finances would not be impacted by the current crisis.
“We have independent sukuks (Islamic bonds) and bonds which are maturing in 2010 and 2011,” Clark told the newspaper.
“I know people expect us to repay or refinance them on schedule and we will, most absolutely.”
State-owned Emirates is one of the global aviation industry’s biggest customers with 120 aircraft currently on order.
“If there is more turbulence then we will moderate our growth to account for this but we’re not going to stop growing, this is a great business,” Clark added.
Ian Jarrett
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