BSC signs deal with MALC

DUBAI — Arab Banking Corporation (B.S.C.) signed facility agreements with Millennium Aircraft Leasing Company (MALC), a Bahamas registered aviation fund. The facilities were utilized to part finance the acquisition by MALC of two Airbus A340-300 aircraft leased to, and operated by Emirates International Airlines (Emirates) of Dubai.

By A Staff Reporter

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Published: Fri 17 Jun 2005, 11:43 AM

Last updated: Thu 2 Apr 2015, 4:44 PM

The total facilities amount was US$72 million. This transaction is the second completed by ABC with MALC following the closing of a financing for the purchase of a Boeing B777-200ER on lease to Malaysian Airlines in 2003.

Emirates is 100pcs owned by the Government of Dubai and has been in operation since 1985. Over the past 19 years, the carrier has grown to become one of the largest air transportation companies in the Middle East. In the financial year ended 31 March 2005, Emirates carried more than 12.5 million passengers to 76 destinations on a fleet of 75 aircraft. Emirates' fleet has an average age of 55 months compared to the industry average of 156 months.

MALC is an aviation fund incorporated as a joint venture company in 2002 for the purpose of undertaking aircraft operating lease transactions. MALC invests in diverse portfolio of aircraft on lease with several operators worldwide. MALC's assets day-to-day management is provided by MALC MC.

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