Emirates raises $1.1bn for A-380 delivery
Dubai, December 11, 2009
Emirates airline, one of Dubai's prize assets, said it had raised $1.13 billion for the delivery of A-380 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.
Dubai has ring-fenced key assets from the $26 billion debt restructuring of state-linked Dubai World, including the likes of Emirates, as fears mount Dubai's debt problems are not limited to the troubled conglomerate.
'Emirates remains in a secure financial position despite the global financial crisis,' chief executive 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.
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