The Hollywood actress has met refugees as a UNHCR envoy since 2016
The Dubai-based carrier will need an average of $5.34 billion a year over the next five years, including 2013, to finance 119 aircraft deliveries, Brian Jeffery, senior vice-president for corporate treasury, said in an interview at the airline’s headquarters, which overlook Dubai International Airport. Among financing options the company could tap the sukuk or non-Shariah-compliant bond market early next year, he said.
Emirates last sold $1 billion of Islamic bonds in March, before speculation that the US Federal Reserve will reduce its bond purchasing program prompted an emerging-market debt selloff and sent yields higher. The state-owned airline is undergoing a period of rapid growth. Passenger traffic through Dubai airport jumped 17 per cent in the first half to 32.6 million and hotel occupancy reached 84.6 per cent.
The debt market is currently volatile, “and that is not ideal for us, but volatility has not stopped us from issuing bonds in the past,” Jeffery said last week.
“I’m pretty confident that, given the brand and the credit story of Emirates, sufficient funding will be available.”
The Hollywood actress has met refugees as a UNHCR envoy since 2016
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