Emirates signals finance switch

Dubai’s Emirates airline says it may have to look locally in the Middle East market for any required upcoming aircraft financing.

European lenders which in the past were major financiers for Emirates’ aircraft deals with Airbus and Boeing have become risk-averse because of the euro crisis, the airline’s president Tim Clark said.

“We were planning finance from European banks…but it’s a bit difficult now,” said Clark.

“We still have the Islamic finance market to go with and other funding options are always open for us,” he added.

Emirates took delivery of 10 new aircraft this year and a further 13 are scheduled for delivery before the end of March next year.