Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Emirates Completes Airbus A340-500 Financing Progr

See following release issued for Emirates Airline:

Media Release

27 September 2005

Emirates Completes Airbus A340-500 Financing Programme

Emirates has signed an agreement with two UAE banks, National Bank of Dubai (NBD) and Emirates Bank Group (EBG), for the US$119.5 million financing for the last of the 10 Airbus A340-500s the airline has on firm order.

The financing, structured as an operating lease over a 12-year term, carries a weighted average cost of funds 0.9 per cent over six-month Libor (London Inter Bank Offered Rate).

The advanced four-engined Airbus A340-500 aircraft operate on two of the four daily return services out of New Zealand; on the Auckland-Melbourne-Dubai route and the Christchurch-Sydney-Dubai route.

Riyaz Peermohamed, Emirates' Senior Vice President Corporate Treasury, said: "This completes the financing of the A340-500 programme, which raised US$1.1 billion for Emirates over the last two years. The attractive financing came from well diversified sources, with 29 per cent from European banks with export credit support, 10 per cent from Islamic sources, 24 per cent from commercial banks within the GCC and 37 per cent from commercial banks outside the GCC - a substantial portion of which came from banks in Japan and China."

Emirates, the Dubai-based international airline, currently has 80 aircraft, including 29 Airbus A330-200s, 12 Boeing 777-300s, nine Boeing 777-200s, nine Airbus 340-500s, eight A340-300s, five Boeing 777-300ERs, one Airbus A310, one Airbus A310F and six Boeing 747 freighters.

Emirates flies to over 75 cities in 55 countries in Europe, North America, the Middle East, Africa, Indian subcontinent and Asia-Pacific. Since January 2005 the airline has launched services to a number of new destinations, including the Seychelles, Seoul and Alexandria so far this year.

In order to meet its aggressive growth targets, the airline has been adding capacity at rates seldom seen in commercial aviation in recent times (30 per cent in the past year alone) and expanding its fleet at an average rate of one new wide-body aircraft per month.

Its order book currently includes 45 Airbus A380-800s (including two A380Fs), 25 Boeing 777-300ERs plus nine options, one Airbus A340-500 (the aircraft being financed), two A310-300Fs and 20 Airbus A340-600 Higher Gross Weight aircraft. By 2012 Emirates expects to have nearly twice as many jets in its fleet as it does today.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

 
 
 
 
 
 
 
 
  • Bill Bennett on Tech