MIDDLE EAST: Emirates says finances ok despite Dubai problems
State-owned Emirates Airlines said it will not be forced to cancel any aircraft orders following the debt crisis afflicting the Gulf emirate of Dubai. Ã¢â‚¬Å“We are all a bit shocked by whatÃ¢â‚¬™s happened and the global fall out,Ã¢â‚¬Â after state holding company Dubai World sought a six month debt moratorium, Emirates president Tim Clark told […]
December 1, 2009
Ã¢â‚¬Å“I am confident the airline will not be affected by this,Ã¢â‚¬Â he added saying the carrier does not plan to scrap any orders for new planes and that its finances will not be impacted by the crisis.
Ã¢â‚¬Å“We have independent sukuks [Islamic bonds] and bonds which are maturing in 2010 and 2011,Ã¢â‚¬Â Clark said. Ã¢â‚¬Å“I know people expect us to repay or finance them on schedule and we will, most absolutely.Ã¢â‚¬Â Emirates has one of the worldÃ¢â‚¬™s biggest order books, including 58 Airbus A380s, more than any other airline, 70 A350s and 12 Boeing 777s worth an estimated US$35 billion at list prices.