First Gulf Bank, FGB, one of the leading banks in the UAE, has finalised an AED1.1 billion club finance lease funding package on behalf of Emirates Airline, for the acquisition of two Boeing 777-300ER aircrafts.
The airline received the first delivery in September and recently welcomed the second aircraft – Emirates’ 100th Boeing 777-300ER, to Dubai.
FGB led and executed the deal as obligor and facility agent, providing AED918 million in funding for the transaction. The transaction marks the second lead mandate role awarded to the bank by Emirates in recent months.
Emirates, which received its first Boeing 777-300ER in March 2005, is the world’s largest operator of this aircraft type and over 108 million passengers have flown on an Emirates Boeing 777-300ER.
Andre Sayegh, CEO of FGB, said, “We’re very proud to support and meet the financing needs of local businesses, as part of our efforts to contribute to the growth and prosperity of the UAE’s economy.We’re pleased to have been a part of this important milestone for Emirates, and we’re keen to continue working with the airline in the future, to support its funding plans and continued growth.”
Source : WAM News Agency for United Arab Emirates
