Three UAE Banks Arrange Finance Lease for Two Boeing 777-300 and an Airbus 380
Tuesday, 07 February 2012
The Dubai government owned Arabic daily paper Al Bayan reported Emirates Airlines mandated three UAE based banks Dubai Islamic Bank, Ajman Bank and Al Hilal Bank to arrange the financing for a value of $ 1.9 billion dirhams (US$517.3 million*) covering the finance leasing of two Boeing 777-300 and an Airbus 380.Banking sources stated the group of three banks initiated the loan arrangement last month January 2012. The loan is based on Islamic finance leasing mechanism covering a period of 12 years for the airline to exercise the utilization of the value for the lease of the three aircraft.
In December 2011, Emirates Airlines succeeded in completing the financing lease arranged by a consortium of banks for two Boeing 777-300 and Airbus A380.
Emirates placed a mega order for 50 Boeing 777 jetliners at the Dubai Air Show last year and is the largest customer of the Airbus A380.
* US$1 = 3.6730 UAE dirhams
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