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Mon 29 Jan 2001 04:00 AM

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Emirates spends US $172.6M on two aircraft

Emirates adds two more aircraft to its growing fleet of 21 Airbus models. The deals, costing nearly US$180 million, were arranged though Credit Agricole Indosuez

Emirates has signed a US $172.6 million financing agreement for the acquisition of its 12th and 13th Airbus A330-200 aircraft. Both deals were arranged by Credit Agricole Indosuez as part of Emirates programme to purchase a total of 21 Airbus aircraft.“We are very grateful for the continuing support of Credit Agricole Indosuez which is a major player in the aircraft financing market,” said Riyaz Peermohamed, Emirates’ corporate treasurer. “In this deal, they have used their Japanese presence to create a low-cost funding structure. This is the fourth wide-bodied aircraft to be financed in this manner during a 12-month period for Emirates.”The financing for the 12th aircraft is structured as an 11 year Japanese operating lease, while the 13th aircraft is financed on a 10 year lease.In addition to these aircraft, Emirates plans to purchase several more Airbus models. The airline was the first in the world to sign a firm commitment to buy the forthcoming Airbus A380 super airliner.

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