The Dubai-based airline had ordered 58 A380s from planemaker Airbus and already has five in operation.

Two of the remaining 53 are being delivered this month and four will be received next year, Emirates said in statement.

“Emirates remains in a secure financial position despite the global financial crisis. We have never encountered difficulties in obtaining finance for our aircraft acquisition programme, with both international and regional banks comfortable with our financial stability,” Tim Clark, president of Emirates Airline, said in a statement.

“As one of the world’s most profitable airlines, Emirates has always honoured its financial commitments and we continue to progress with our rigorous fleet and network expansion plans,” he said.

Speculation has been rife that Emirates could be affected by the fallout from the woes of Dubai World, which last month sought a moratorium form creditors on loan repayments until May 30.

Emirates said the financing for its six A380s was arranged under two separate finance agreements.

The first deal for three aircraft is with Citibank and is backed by a guarantee form the European Export Credit Agencies (ECAs).

The second funding for the other three A380s has been arranged through Doric Asset Finance. Airbus sales chief John Leahy said recently the airline was up to date with all payments and was expected to continue growing.

Airbus sales chief John Leahy told Reuters the airline was up to date with all payments and was expected to continue growing.

The A380 sells for $328 million at catalogue prices but discounts are a norm.

In the wake of Dubai World affair, Emirates said last week none of its loans or bonds is guaranteed by the government of Dubai.

The Dubai government had earlier said that it was not responsible for the $26 billion worth of direct debt it’s trying to restructure belonging Dubai World.

The airline is part of the sovereign wealth fund Investment Corporation of Dubai’s portfolio and is separate from Dubai World.

Source: business.maktoob.com