Emirates completes aircraft lease
The first-ever aircraft lease funded and structured entirely by Dubai-based banks has been signed by Emirates Group Chairman Sheikh Ahmed Bin Saeed Al-Maktoum.
The $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 0.9 percent over six-month London Inter Bank Offered Rate (Libor).
The new aircraft will be delivered on September 23. 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.
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. By 2010, Emirates expects to carry 29 million people and 1.5 million tons of cargo a year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)