Why the Emirates ‎747 incident in Hong Kong puts a spotlight on wet-leasing

Dubai: An Emirates cargo aircraft veered off the runway at Hong Kong International Airport early Monday, with at least two people reportedly killed in the incident.

The Boeing 747-400, operating as EK9788, was not directly operated by Emirates—it was wet leased from and operated by Act Airlines.

The incident has brought attention to a common but often misunderstood practice in global aviation: wet leasing.

"Emirates confirms that EK9788 which sustained damage on landing in Hong Kong on 20 October 2025 was a cargo aircraft wet leased from, and operated by, Act Airlines," the Dubai-based carrier stated, noting that the crew were safe and there was no cargo onboard.

So what exactly is wet leasing? According to the International Air Transport Association (IATA) Guidance Material and Best Practices for Aircraft Leases, a wet lease (or ACMI — Aircraft, Crew, Maintenance, Insurance) is when an airline leases an aircraft with crew, maintenance, and insurance from another operator. The lessor retains operational control, and the aircraft flies under its own Air Operator Certificate (AOC).

The lessee —in this case, Emirates—pays a fee to use the aircraft for a set period, typically weeks or months.

This differs fundamentally from dry leasing, where an airline rents only the aircraft itself.

With dry leasing, the airline operates the plane with its own crew, handles all maintenance, and bears full operational responsibility. Dry leases are typically longer-term arrangements spanning several years.

Wet-leasing should also not be confused with damp leasing either. Damp-leasing is defined as a wet-leased aircraft that includes a cockpit crew but not cabin attendants.

Simply put, wet leases allow an airline to scale operations without owning and staffing the full complement of aircraft and crew. They provide flexibility with fewer long-term commitments.

Airlines across the GCC, including UAE carriers, rely on wet leasing for several reasons. When demand surges—due to peak travel seasons, special events, or unexpected aircraft groundings—airlines need additional capacity quickly. Purchasing new aircraft takes years; wet leasing provides immediate solutions.

Cargo carriers particularly depend on wet leasing.

According to IATA, the cargo sector relies heavily on this model because demand fluctuates dramatically. Emirates and other GCC airlines use wet leasing to handle seasonal peaks in cargo shipments without investing in permanent fleet expansion.

 The practice is especially common among Middle Eastern carriers. Regional airlines maintain supplementary wet-leased fleets to support their scheduled operations.

Exact figures vary, but industry data shows GCC carriers operate significant numbers of wet-leased aircraft during peak seasons.  

For instance, Air Arabia is reported to have wet-leased four Airbus A320s until late first quarter 2026, according to a ch-aviation report. Meanwhile, Emirates SkyCargo had an active fleet comprising six wet-leased Boeing 747 freighters alongside its owned wide-body freighters, according to a January announcement from the airline.

Gulf Air (Bahrain) has publicly targeted wide-body wet leases to secure growth amid its fleet challenges.

Dubai is also home to one of the biggest aircraft lessors in the world. Dubai Aerospace Enterprise plays a major role in the UAE’s and GCC’s aviation ecosystem.

Although DAE primarily engages in dry leasing, supplying aircraft to more than 170 airlines in 65 countries, it also provides leasing advisory and asset management solutions that support wet-lease operators and lessees globally.

Its Dubai base gives regional airlines direct access to world-class leasing and financing options — including the flexibility to combine long-term dry leases with short-term wet-lease arrangements to balance fleet utilisation.