UK-based Investec has concluded a $1bn leasing deal for four aircraft with Dubai’s Emirates airline.

Investec has purchased four Airbus A380s operated by the carrier, and will lease them back for 12 years.

Two of the planes are new and owned by Emirates, according to US news agency Bloomberg. The other two were manufactured in 2013 and were owned by US/Irish Aviation Finance Company’s Stellwagen Finance.

The specialist investment bank will then sell the planes on the secondary market.

Investec acted as sole arranger for the financing, which includes Islamic tranches, according to UK news agency Reuters.

The finance was provided by regional and global banks, as well as institutional investors.

Emirates has previously used sukuk (Islamic bonds) for aircraft purchases, and considered them again in early 2016. In March 2015, the flag carrier issued a 10-year $913m sukuk to finance the purchase of Airbus A380s.

Emirates had 243 in-service planes at the end of 2015.

Toulous-based aircraft manufacturer Airbus estimates that the Middle East will need 2,460 new and replacement planes to meet rising air travel demand by 2034.