Dubai, December 10: Dubai’s national flag carrier, Emirates, said on Thursday it has raised 1.13 billion dollars to finance the purchase of six Airbus A380 superjumbos, stressing it has no difficulty obtaining finance.
The financing was arranged through two separate agreements, the largest Middle East airline said, without specifying the date of these deals.
“The first agreement, covering three A380 aircraft, has been undertaken with Citibank, backed by a guarantee from the European Export Credit Agencies (ECAs),” the government-owned carrier said.
“A second financing agreement has been arranged through Doric Asset Finance and covers the remaining three A380 aircraft,” it added.
Emirates president Tim Clark sounded upbeat, distancing the carrier from Dubai World debt problems, which have raised fears over the financial stability of Dubai government-entities.
“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,” he said in the statement.
“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,” he added.
Emirates’ statement was announced as the Dubai stock market surged by some 6.0 percent in intra-day trading. That is the highest increase registered since Dubai requested on November 25 a freeze of debt repayments for its Dubai World conglomerate.
The airline is not listed.
It is the largest single customer of Airbus A380 with an order of 58 units. It has already received five aircraft.
It said it will receive the sixth jet early next week, and another later this month. The remaining four will be delivered in 2010.]
—Agencies