Emirates secures HSBC financing for new A350 fleet through JOLCO deal

Dubai: Emirates secured financing for five of six new Airbus A350-900 aircraft through a Japanese Operating Lease with Call Option (JOLCO) arranged by HSBC, marking its return to the JOLCO market after six years. Financing for the sixth aircraft is under way.

The deal supports Emirates’ fleet renewal and expansion strategy while diversifying its funding sources beyond traditional financing. The JOLCO structure provides the airline with competitive pricing and flexible terms as it continues to modernise its fleet.

Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, met with Georges Elhedery, Group CEO of HSBC Holdings Plc, to mark the completion of the transaction.

The meeting underscored a relationship that stretches back 40 years — to Emirates’ very first aircraft purchase. Mohamed Al Marzooqi, Chief Executive Officer, UAE, HSBC Bank Middle East Limited, said: “Over the last 40 years, HSBC has supported Emirates’ journey from its very first aircraft to its position today as one of the world’s leading airlines.

"This latest financing demonstrates the strength of that relationship and our shared confidence in the UAE’s aviation sector. As we approach our 80^th anniversary in the UAE next year, we remain committed to connecting local champions like Emirates with international capital and opportunity.

”The Airbus A350-900, introduced into Emirates’ fleet in November 2024, forms part of the airline’s next-generation aircraft programme. The model’s design — featuring advanced aerodynamics, lightweight materials, and fuel-efficient engines — delivers about 25% lower fuel burn and CO₂ emissions than previous widebody aircraft."

Emirates’ collaboration with HSBC spans several major transactions, including the first Export Credit Agency–guaranteed Sukuk in the aviation sector, which was also the largest ECA-backed debt capital markets deal of its kind at the time.

The latest financing reaffirms Emirates’ position as one of the world’s leading carriers and its commitment to sustainable fleet growth through innovative funding solutions.