A first for Dubai banks

Emirates has signed a US $90 million operating lease for an A330-200. The 12-year lease was arranged and funded by the National Bank of Dubai and the Emirates Bank Group, and it is the first aircraft lease to be funded and structured by Dubai-based banks.

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By  Neil Denslow Published  September 21, 2003

Emirates has signed a US $90 million operating lease for an A330-200. The 12-year lease, which was arranged and funded by the National Bank of Dubai and the Emirates Bank Group, is the first aircraft lease to be funded and structured by Dubai-based banks. The deal was financed on a floating rate basis at a margin of 0.90% over six-month Libor (London Inter Bank Offered Rate).

The aircraft, which is expected to be delivered on 23rd of September, will be powered by Rolls-Royce Trent 700 series engines. It is the last of 29 Airbus A330-200s for which Emirates had placed firm orders, and it brings the carrier’s passenger fleet up to 50 aircraft.

“We are very pleased to be involved in this financing with National Bank of Dubai and Emirates Bank Group who are among the largest players in the regional financial markets. With this financing, which is fully structured and funded locally, these reputed banks have shown that they are able to deliver financing to the highest international standards,” says His Highness Sheikh Ahmed bin Saeed Al-Maktoum, chairman of the Emirates Group.

“Dubai’s goal is to become a world class financial centre and already these Dubai based banks are responding impressively to the challenge,” he adds.

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