by Elizabeth Cole December 14th, 2009
Apparently there is good news for Emirates and its financial position. Despite recent rumors, Emirates is out to show everyone that it is fine, and to prove it, the company has raised $1.13 billion for the delivery of Airbus A380 superjumbos. The company is all set to take the delivery of one of these superjumbos, which will be part of the 53 A30′s that the company has already ordered.
Emirates has been financed from Dubai’s $26 billion debt restructuring of Dubai World. This announcement comes as some other prized Dubai assets, which does include Emaar, who have distance themselves from the troubled conglomerate and its associated debt.
The chief executive of Emirates, Tim Clark, said that Emirates remains in a secure financial position despite the global financial crisis. The company has never encountered difficulties in obtaining finance for their aircrafts. This is due to the fact that both international and regional banks are very comfortable with their financial stability.
The airline went on to say that the funding for the aircrafts was arranged with Citibank, backed by a guarantee from the European Export Credit Agencies and a second with Doric Asset Finance. However, the company did not state when the money was raised.
Tim Clark went on to say that Emirates has always honored its financial commitments, and they continue to progress with a new fleet and will continued to expand their network. Emirates will receive their first of the six aircrafts early next week. The second of these six will arrive in late December, while the rest will come in 2010.