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01 October 2023

Emirates seeks $1bn credit terms

Emirates is one of the biggest contributors to the local economy (FILE)

By Reuters

Emirates, the Arab world's largest carrier, is seeking terms for a $1 billion revolving credit facility to fund its aircraft purchases, a banking source familiar with the matter told Reuters.

A decision should be made in the next couple of weeks as banks flesh out details with Emirates, the source added.

Emirates Chairman Sheikh Ahmed bin Saeed al Maktoum said in November there were no plans to issue bonds or raise funds. This followed the announcement of a planned multi-billion dollar increase in its fleet to include 120 Airbus A380 superjumbos.

"Emirates has well-documented financing requirements to support its growth plans and hence has a continuous and ongoing dialogue with various financial institutions. We will continue to explore all commercially viable financing options," the airline said in a statement on Monday.

Emirates is Dubai's flagship company and one of the biggest contributors to the local economy.