Emirates has $4bn in reserves: Sheikh Ahmed
Dubai, November 16, 2011
Emirates, Dubai's flagship carrier, has $4 billion in cash reserves, its chairman Sheikh Ahmed bin Saeed Al-Maktoum told Al-Arabiya television on Wednesday.
Emirates placed a blockbuster order for 50 Boeing 777 jetliners at the Dubai Air Show on Sunday, underscoring the strong financials of fast-growing Gulf airlines despite rising fears over the world economy.
It said the order was worth $26 billion including options to buy 20 more aircraft.
The carrier earlier said it had adequate financing in place for 2012, and planned no new bond issue.
Earlier, Sheikh Ahmed was quoted by Gulf News as saying the airline will boost its fleet size to more than 250 aircraft by 2020.
'We will be over 250 aircraft... maybe around 280 aircraft by 2020,' Sheikh Ahmed bin Saeed al Maktoum said in an interview with Gulf News.
Prior to Sunday's announcement, the carrier had 161 aircraft in service and 190 planes on order to be delivered over the next few years. - Reuters