HSBC supports Emirates Airlines in purchasing A350 aircraft
DUBAI, 2nd November, 2018 (WAM) – HSBC Bank announced today that it has been assigned to finance the purchase of six Airbus A350-900 aircraft for Emirates Airlines through a “Japanese operating contract with a purchase option (JOLCO), five of which have been financed to date, and work is underway to complete financing for the latter, bringing the carrier back to the Japanese operating leasing market after six years.
According to a press release issued today by the bank, this deal provided the opportunity for Emirates Airlines to diversify its financing sources and cash liquidity base beyond traditional financing sources.
On this occasion, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline and Group, received George Al Haddari, CEO of HSBC Holding Group, to celebrate this deal, which is based on a relationship of partnership and joint growth that has spanned more than forty years.
The meeting was attended by Samir Assaf, Chairman of the Board of Directors of HSBC Middle East Holding (HMEH) for the Middle East, North Africa and Turkey, and Senior Advisor to the HSBC Group, Abdel Fattah Sharaf, Chairman of the Board of Directors of HSBC Bank Middle East Limited (HBME), Salim Kervange, CEO of HSBC in the Middle East, North Africa and Turkey, Mohammed Al Marzouqi, CEO of HSBC Bank in the United Arab Emirates, and Sheikha Al Marri, Head of Banking at HSBC. In the United Arab Emirates, while Michael Dorsam, Head of Group Finance and Services, Nirmal Govindadas, Senior Vice President, Group Treasury and Risk Management, and Dhiraj Lulla, Vice President, Group Treasury and Finance, attended from the Emirates Group.
Mohammed Al Marzouqi said that, over the past forty years, the bank has always supported the journey of Emirates Airlines since it received its first aircraft until it reached its leading position today as one of the most important and leading air carriers in the world. He pointed out that this latest financing deal would confirm the strength of the existing relationship between the two sides and our mutual confidence in the importance of the aviation sector in the UAE.
He stressed the bank’s firm commitment to linking leading local companies such as Emirates Airlines with global capital and opportunities.
The Airbus A350-900 entered service in the Emirates fleet in November 2024. The new design of this modern wide-body aircraft includes the latest technologies, aerodynamics, lightweight materials and the latest generation engines that provide the advantage of reducing fuel consumption by 25% and thus reducing operating costs and carbon dioxide emissions.
HSBC and Emirates have collaborated over the past four decades on many pioneering projects, including arranging the first ECA-guaranteed Sukuk deal, which was, at the time, the largest ECA-backed capital markets bond issuance in the aviation sector.
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