Emirates funds latest A380 deliveries
DUBAI – Emirates has moved quickly to head off speculation that its future could be linked to the financial meltdown of Dubai World.
The airline has raised more than US$1.13 billion for the financing of six new Airbus A380 aircraft.
Emirates will receive the first of these aircraft early next week, with a second arriving in late December and the remaining four A380s due for handover in 2010.
These six aircraft will form part of the 53 Airbus A380 aircraft that Emirates currently has on firm order.
Tim Clark, president Emirates Airline said, “Emirates remains in a secure financial position despite the global financial crisis.
“We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability.
“As one of the world’s most profitable airlines, Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion plans.â€
The financing for these six aircraft was arranged and funded under two separate finance agreements.
The first agreement, covering three A380 aircraft, has been undertaken with Citibank, backed by a guarantee from the European Export Credit Agencies (ECAs). A second financing agreement has been arranged through Doric Asset Finance and covers the remaining three A380 aircraft.
The delivery of the A380 aircraft early next week will bring Emirates’ A380 fleet to six with the aircraft due for deployment on the Seoul route from December 14.
Later this month Emirates will also receive its seventh A380, scheduled to service the Dubai – Paris route three times per week from December 29, becoming daily from January 17 next year.
Ian Jarrett
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