Emirates mulls $1b sukuk next year

Dubai: Emirates could issue a conventional or Islamic bond in 2016 to raise as much as $1 billion (Dh3.67 billion) to be used to fund around 30 aircraft that are scheduled to be delivered that year.

Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviaition and Chairman and CEO of Emirates airline and Group, said on Sunday that the company will use some of its cash on reserve for aircraft deliveries. He added that the issuance of a conventional bond or Islamic bond, known as a sukuk, is a possibility.

Asked how much Emirates would be looking to raise he said, “Always we’re talking anything between $500 million and $1 billion.”