DUBAI Feb 7 Dubai's Emirates airline
has hired three local banks to arrange a 1.9 billion
dirhams ($517.3 million) Islamic loan facility to finance two of
its planes, Arabic newspaper Al Bayan reported on Tuesday.
The Dubai government-owned airline has asked Dubai Islamic
Bank, Ajman Bank and Al Hilal Bank to arrange the
financing deal for a Boeing 777-300 and an Airbus A380
superjumbo, the paper said quoting unnamed banking sources.
Emirates was not immediately available for comment.
The rapidly expanding Gulf Arab carrier said in November
that it was eyeing the more resilient Islamic finance market to
fund aircraft deliveries, as international banks back out of
plane deals because of the euro zone debt crisis.
Emirates placed a blockbuster order for 50 Boeing 777
jetliners at the Dubai Air Show last year and became one of the
largest customer of the Airbus A30 superjumbos.
The facility will be a 12-year loan and the banks have
started the preparation of loan transfers since January, the
($1 = 3.6730 UAE dirhams)
(Reporting by Martina Fuchs, Writing by Praveen Menon; Editing
by Dinesh Nair)