Emirates financing only 20% of aircraft through export credits
Emirates President Tim Clark stated the carrier finances only 20% of aircraft through export credits dismissing subsidy allegations by rival airlines as “nonsense” (Reuters/The National/AFP, 12/13-Oct-2010). US and European airlines last week launched a campaign to amend rules which allow foreign airlines to receive credits when purchasing Airbus and Boeing aircraft, a facility denied to carriers in countries where the aircraft are produced. Emirates has also repeatedly denied claims by rival European airlines that its fuel bills are subsidised.
Emirates: “To suggest that we get 100% support and the soft loans that come with that – according to them – is giving us a competitive advantage is nonsense but then most of those accusations are. Only 20% of our aircraft have been financed using export credit agency supported loans ... People who make statements need to check the facts, the veracity of what they are saying, to ensure they don’t make themselves look silly ... I have said ‘you prove a subsidy and I will resign the next day’. It is completely wrong,” Tim Clark, President. Source: Reuters, 13-Oct-2010.
Emirates: "When so many entities and economies around the world are being shored up by governments in order to survive, it is surprising to single out Emirates with unsubstantiated claims of being subsidised. We have grown without subsidy through the success of our commercially-driven business model and see no reason to apologise for what we have achieved ... Once again it is disappointing to see the head of a major European airline issuing factually incorrect and wholly misleading statements. The merger of Air France and KLM has created the most dominant carrier in Europe and the notion that Emirates is taking jobs away is ludicrous,” Tim Clark, CEO. Source: Gulf News, 12-Oct-2010.