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Sun 29 Nov 2009 04:36 PM

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Emirates will not be affected by Dubai debt

Dubai's flagship carrier has solid finances and no intention of cancelling orders - president.

The president of Emirates Group has said the airline will not be affected by the restructuring at Dubai World.

Tim Clark, told the UK’s Sunday Telegraph newspaper, the Dubai-based carrier’s finances were solid and the airline had no intention of cancelling any orders.

"We are all a bit shocked by what's happened and the global fall-out of the past 48 hours. But Dubai will navigate itself out of this, as will we. I am confident that the airline will not be affected by this," he told the paper.

Dubai rocked the financial world on November 25 when it said it would ask creditors of Dubai World and Nakheel to agree to a standsill on billions of dollars of debt as a first-step to restructuring.

"We have independent sukuks [Islamic bonds] and bonds which are maturing in 2010 and 2011. I know people expect us to repay or refinance them on schedule and we will, most absolutely," the British boss of the flagship airline said.

Emirates only relies on the UAE for 17 percent of its business, the rest is from international passengers.

The airline is dubbed the “jewel in the crown” of Dubai’s assets.

"If there is more turbulence then we will moderate our growth to account for this but we're not going to stop growing, this is a great business," Clarke said.

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