Global Airport News

Emirates, one of Dubai's prize assets, said on Thursday it had raised USD$1.13 billion for the delivery of A380 aircraft from Airbus and was in a secure financial position.

The aircraft will form part of the 53 Airbus A380s that Emirates has on order, the company said in a statement.

Dubai has ring-fenced key assets from the USD$26 billion debt restructuring of state-linked Dubai World as fears mount Dubai's debt problems are not limited to the troubled conglomerate.

"Emirates remains in a secure financial position despite the global financial crisis," chief executive Tim Clark said.

"We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability."

The airline said the funding for the six aircraft was arranged with Citibank, backed by a guarantee from the European Export Credit Agencies and a second with Doric Asset Finance.

It did not give a timeframe for when the money was raised.

"Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion," it said.

According to a Dubai government prospectus issued earlier this year, apart from some of its main utilities firm, Dubai Electricity & Water Authority, the government has not "guaranteed the obligations of any third parties".

Emirates will receive the first of the six aircraft early next week with a second arriving in late December and the remaining four due for handover in 2010, the company said.

Emirates is the largest customer for the A380, with 53 still on order worth USD$17.4 billion at list prices. It has already taken delivery of five of the world's largest airliner.