- Weather
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Max |
: |
40°C |
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Min |
: |
30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
: |
06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:56 am |
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Dhuhr |
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12:09 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:51 pm |
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Isha |
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08:11 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
: |
17.37 |
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22ct / gm |
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17.00 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.60 |
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Euro |
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2.01 |
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Pound |
: |
1.72 |
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Indian Rs. |
: |
144.42 |
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Pak Rs. |
: |
255.85 |
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Bangla Taka |
: |
201.35 |
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Dubai: Emirates, the world's biggest airline by international passenger traffic, said it needs about $5 billion in the year starting April to pay for planes.
The money will be raised from "a mixture of all the sources we have considered in the past, so commercial bank, operating leases, some export credits," Brian Jeffery, senior vice president for corporate treasury, said yesterday as the carrier's Islamic bonds listed on Nasdaq Dubai.
Dubai government-owned Emirates, which begins its fiscal year on April 1, has raised $1.75 billion from the sale of sukuk and bonds over the past two months. "Whether we do any more is not certain of course, but compared to the past few years, we have already started to do more capital markets transactions because of the conditions of the markets," Jeffery said.
Dubai-based issuers are tapping the debt market after the city's credit risk tumbled almost nine times more than Middle East peers in the past year. The government raised $1.25 billion in January, including $500 million of its first 30-year bonds. Emirates had 223 planes on order at the end of March 2012, and the carrier is the biggest operator of the Airbus A380 and Boeing 777 models, according to its annual report.
Plane deliveries
The airline will take deliveries of 20 planes valued at $4.2 billion in 2013, it said in an e-mailed statement yesterday, as passenger traffic through Dubai's airport grows. The airport reported a 15 per cent jump in traffic in January to a record 5.56 million, according to data released last month.
The company raised $1 billion from the sale of 10-year amortising Islamic bonds this month at a profit rate of 3.875 per cent, according to data. The notes were yielding 4.01 per cent in Dubai yesterday, according to data. In January, Emirates sold $750 million of 12-year amortising bonds at a coupon of 4.5 per cent.
Emirates is unlikely to borrow in currencies other than US dollars and dirhams to avoid taking on the volatility associated with financing in different foreign currencies, Jeffery said.
Meanwhile, carriers in the Asia-Pacific region are set to lead the gain with $4.2 billion in profit, followed by $3.6 billion for those in North America, IATA said in a statement yesterday.
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