Emirates orders 50 Boeing 777s for $18bn

Emirates Airlines has ordered 50 long-range Boeing 777 passenger jets worth a combined $18 billion dollars, the carrier's chairman and chief executive said Sunday.

"Emirates has placed an order for an additional 50 Boeing 777-300 ER" planes, in addition to 20 Boeing 777-300ER as an option, Sheikh Ahmed bin Saeed Al Maktoum told reporters at the Dubai Airshow.

"This order represents a milestone. It is the single largest dollar-value order in Boeing's history," said the head of the largest carrier in the Middle East.
Sheikh Ahmed put the total value of the firm order and options at $26 billion, adding that the latest announcement brings Emirates' orders of the long-range aircraft to 90 from 40 units.

Emirates, which is one of the worlds fastest growing carriers, last year placed an order for 30 Boeing 777 planes worth $9.1 billion at Britain's Farnborough show. AFP
 

Emirates sees no obstacle in funding new jets

Emirates is financially strong enough to fund the purchase of new aircraft as part of ongoing expansion plans by one of the world’s fastest growing airlines, the group’s chairman was reported on Sunday as saying.

Sheikh Ahmed bin Saeed Al Maktoum, also Emirates CEO, said he expected better results by the group in the second half of this year despite the global slowdown and what he termed as challenges facing the world aviation industry.

In an interview with the Sharjah-based Arabic language daily Alkhaleej, he said Emirates relies on its reputation as a “successful and profitable company” when it comes to purchasing new jets although it is fully owned by the government.

“We do not receive any financial support from the government as the company is managed on a purely commercial basis,” he said.

“So far, we have not faced any problems in funding purchased aircraft…I am sure that our financial position is strong enough to allow us to pursue expansion by resorting to various funding options and succeeding in obtaining funding.”

Sheikh Ahmed said Emirates made net profits of Dh827 million in the first half of 2011, confirming its status as “one of the fastest growing carriers.”

“This also proved its ability to continue making profits despite the growing challenges besetting the world’s aviation industry, the global slowdown and the political upheavals in the region,” he said.

“Despite the continuation of these challenges, I am optimistic that we will achieve even better results in the second half of this year.”

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