Emirates has signed a 12.1 billion Japanese yen ($111.4 million) financing agreement with HSBC for a new Airbus A340-500. This is the first time Emirates has financed a complete aircraft in the Japanese currency.
The financing is for the airline's second A340-500, due to be delivered this week, with two more expected to arrive in Dubai by the end of the month. They will be used on various long-haul routes from the start of December, including non-stop services between Dubai and Osaka, Japan.
The financing, structured as a Japanese Yen operating lease over a 12-year term, was arranged and funded by HSBC, combining export credit and commercial debt provided by HSBC Group entities in London, Paris and Bahrain.
The export credit debt is guaranteed by the UK's Export Credit Guarantee Department and by its German and French counterparts HERMES and COFACE.
The new aircraft, powered by Rolls-Royce Trent 500 series engines, will take Emirates' total fleet to 57. The international airline already has 29 Airbus A330-200s, 12 Boeing 777-300s, nine Boeing 777-200s, one Airbus A340-500, one Airbus A310 and four Boeing 747 freighters in its fleet.
Emirates serves 71 cities in 56 countries in Europe, Middle East, Africa, Indian subcontinent and Asia-Pacific region. Brisbane services started last month, and non-stop flights to North America begin next year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
