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Business Home > Nation
Emirates arranges $517m in Islamic debt

(Bloomberg) / 8 June 2012

DUBAI — Emirates, the world’s largest airline by international traffic, raised Dh1.9 billion ($517 million) from an Islamic facility for the purchase of three aircraft.

The carrier completed the 12-year loan to buy planes including Boeing’s 777-300ERs and Airbus SAS’s A380 with Dubai Islamic Bank, Al Hilal Bank and Ajman Bank, it confirmed on Thursday in an e-mailed statement. The two Boeing planes were delivered in February and May, said the company.

Emirates is building the world’s largest fleet of Airbus superjumbo jets to establish Dubai as a long-haul travel hub and win passengers from Air France-KLM and Deutsche Lufthansa AG.

The Dubai-based airline is one of the biggest buyers of Airbus SAS A380 superjumbos and the Boeing 777s, and in November signed a deal valued at $18 billion with Boeing. The airline raised $1 billion from the sale of a five-year bond in June.

The yield on the 5.125 per cent security dropped 48 basis points this year to 4.692 per cent, according to prices compiled by the agency.



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