Tuesday, Feb 07, 2012
DOHA (Zawya Dow Jones)--Dubai's Emirates Airline, the biggest carrier in the Middle East, said Tuesday it has hired three local banks to arrange a $517 million Islamic loan facility to buy three aircraft.
"Emirates can confirm that we have mandated a 12-year Islamic Lease (Ijara) financing worth AED1.9 billion (US$517 million) to a local consortium led by Dubai Islamic Bank," a spokesperson for the airline said.
The financing is for a total of three aircraft, a combination of Boeing 777-300ERs and Airbus A380s.
Dubai Islamic Bank is the co-ordinating bank and a mandated lead arranger along with Al Hilal Bank and Ajman Bank, the spokesperson said. The aircraft will be delivered between February and October 2012, Emirates added.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
07-02-12 1405GMT
