Emirates “confident” about Dubai debt crisis

DUBAI’S Emirates Group has stated that it is not in any financial risk due to its home state’s debt crisis.Emirates’ president, Tim Clark (right), said: “We are all a bit shocked by what’s happened and the global fall out,” but, he added, “I am confident the airline will not be affected by this.“We have independent sukuks [Islamic bonds] and bonds which are maturing in 2010 and 2011. I know people expect us to repay or finance them on schedule and we will, most absolutely. If there is more turbulence, then we will moderate our growth to account for this but we’re not going to stop growing. This is a great business.”Needless to say this was not enough to stop the rumours flying, notably that Dubai will have to offer Emirates to Abu Dhabi, in return for financial help. Such a move has been likened to Air France taking over Lufthansa if Germany had bad enough debt problems: possible, but more than a little unlikely.

Share this story

Related Topics

Latest news

ANA reduces freighter operations in response to weaker market

By Damian Brett

All Nippon Airways (ANA) has announced a series of cuts to its freighter operations – including its recently-launched B777F transpacific…

Read More

Share this story

More cargo firms sign up to Western Sydney Airport

By Damian Brett

Western Sydney Airport has partnered with an additional two air cargo companies, dnata and Toll Group, to collaborate on the…

Read More

Share this story

Leipzig/Halle bucks the trend with fifteenth year of cargo growth

By Rachelle Harry

Leipzig/Halle Airport has increased its cargo volumes for the fifteenth consecutive year and more than tenfold since 2007. In 2019,…

Read More

Share this story