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John Dundas · Guest

Emirates completes landmark lease
The first-ever aircraft lease funded and structured entirely by Dubai-based
banks has been signed by His Highness Sheikh Ahmed bin Saeed Al-Maktoum,
Emirates Group Chairman.

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http://www.ameinfo.com/news/Detailed/28397.html

Seen here signing the lease, structured and funded by National Bank of Dubai
and Emirates Bank: Sheikh Ahmed and Maurice Flanagan, Vice Chairman & Group
President, Emirates, with Anis Al Jallaf, Managing Director and CEO,
Emirates Bank Group International (left); and Abdullah Mohammed Saleh,
Managing Director, National Bank of Dubai.

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.