Emirates raises $265m to finance planes

15 September 2008
Emirates Airline has raised AED973.4m ($265m) through an Islamic loan for two new aircraft.

The Dubai-based carrier added two long-haul Boeing 777-300ER aircraft to its fleet on 12-year lease arrangements in May and August, and has assembled a new syndicate to fund the deal.

The airline says Noor Islamic Bank, the government-owned shariah-compliant lender, is the lead arranger of the loan, with Barclays Capital, CCB International Finance, Samba Financial Group and Standard Chartered Bank making up the group.

The deal is Noor’s first aircraft financing agreement.

Emirates has 63 Boeing 777s in its fleet, and will become the world’s largest operator of the model when a $10bn order for a further 39 of the planes is delivered over the coming years.

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