Emirates confident it will not be affected by Dubai World restructuring
Emirates President, Tim Clark, announced, in the UK’s Sunday Telegraph, confidence that the airline will not be affected by the restructuring of Dubai World and commitment to its debts in the form of bonds (AFP, 29-Nov-2009). Refer to Emirates Airline story
Emirates: “We are all a bit shocked by what's happened and the global fall-out of the past 48 hours. But Dubai will navigate itself out of this, as will we. I am confident that the airline will not be affected by this. We have independent sukuks [Islamic bonds] and bonds, which are maturing in 2010 and 2011. I know people expect us to repay or refinance them on schedule and we will, most absolutely. If there is more turbulence then we will moderate our growth to account for this but we're not going to stop growing, this is a great business,” Tim Clark, President. Source: AFP, 29-Nov-2009.