11-Dec-2009 8:38 AM

Emirates raises over US$1.13 billion for Airbus A380 deliveries

Direct News Source

10-Dec-2009 Reflecting the airlines robust delivery schedule Emirates will receive the first of these aircraft early next week, with a second arriving in late December and the remaining four A380’s 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."

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, Korea route from 14th December. Later this month Emirates will also receive its seventh A380, scheduled to service the Dubai - Paris route three times per week from 29th December, becoming daily from 17th January 2010.