Emirates completes landmark lease

The USD $90 million Operating Lease, for a new Airbus A330-200 over a 12-year term, was arranged and funded by National Bank of Dubai and Emirates Bank Group. The debt was financed on a floating rate basis at a margin of 0.90 per cent over six-month Libor (London Inter Bank Offered Rate).

The new aircraft will be delivered on 23rd September. Powered by Rolls-Royce Trent 700 series engines, it is the last of 29 Airbus A330-200s for which Emirates had placed firm orders. The airline's current passenger fleet stands at 50 aircraft.

Sheikh Ahmed signed the financing documents with Anis Al Jallaf, Managing Director and CEO, Emirates Bank Group and Abdullah Mohammed Saleh, Managing Director, National Bank of Dubai.

Sheikh Ahmed said: "We are very pleased to be involved in this financing with National Bank of Dubai and Emirates Bank Group who are among the largest players in the regional financial markets. With this financing, which is fully structured and funded locally, these reputed banks have shown that they are able to deliver financing to the highest international standards.

"Dubai's goal is to become a world class financial centre and already these Dubai based banks are responding impressively to the challenge."

At the recent Paris Air show, Emirates placed the biggest one-time order in civil aviation history, for 71 aircraft with a combined list price of $19 billion.

Added to those announced at the Dubai International Air Show two years ago, the total list price of aircraft in Emirates' current order book is $26 billion.

The expansion will increase its fleet to 125 aircraft by 2012, as part of long-term plans to serve many new countries. Its current aircraft orders comprise 45 Airbus A380-800s, 26 Boeing 777-300ERs, eight ultra-long-range Airbus A340-500s, and 20 Airbus A340-600 Higher Gross Weight aircraft.

Emirates, one of the world's fastest-growing airlines, flies to 70 cities in 50 countries in Europe, the Middle East, Africa, Asia, the Far East and Australia. Its emergence as a global brand reflects Dubai's vision to become a leading aviation hub of the 21st century.

By 2010 Emirates expects to carry 29 million people and 1.5 million tonnes of cargo a year, one reason why it is now one of the world's biggest buyers of new aircraft.