DUBAI – The debts of Emirates Airline, Dubai’s most prized company and the biggest customer for the giant Airbus A380 superjumbo, aren’t guaranteed by the sheikdom’s government, an official at the company said.

“None of our loans or bonds is guaranteed by the government of Dubai,” said the spokesman for Emirates in an email to Zawya Dow Jones Thursday.

Dubai’s government said this week that it isn’t responsible for the $26 billion worth of direct debt it’s trying to restructure belonging to one of its largest state-owned companies Dubai World.

Emirates, the Middle East’s largest airline and one of Dubai’s best assets, has borrowed heavily to build its fleet and challenge the world’s leading carriers. The company has 10 loans and bonds maturing by 2013, according to Standard & Poor’s.

The company is part of Investment Corporation of Dubai, a giant government-owned holding company set up to house the sheikdom’s best assets.

Source: maktoob.com