Dubai’s Emirates airline secures $750m sales-backed loan
It is first time that Dubai airline is taking a loan linked to its sales receivables
Dubai: Dubai’s Emirates airline has signed a $750 million five-year dual-tranche financing facility with Emirates NBD.
“The landmark transaction remains competitively priced and marks a first for Emirates Airline as a sales-receivable backed financing structure, aimed to diversify their liquidity pool,” said Emirates NBD in a statement.
Emirates, which is rebuilding its network after the pandemic, previously said it received a capital injection of Dh11.3 billion ($3.1 billion) from Dubai in 2020.The airline recorded a loss of Dh22.1 billion for 2020-21 – its first one in more than three decades.
“As Dubai gears up to be the most visited city by 2025, we look forward to playing our part in achieving this goal through more of such landmark transactions with Emirates airline,” said Ahmed Al Qassim, Senior Executive Vice-President, Group Head of Corporate & Institutional Banking for Emirates NBD.