Dubai – Emirates airline, the Arab worlds largest carrier, is seeking terms from a number of banks for a $1 billion revolving credit facility to fund its aircraft purchases, a banking source familiar with the matter said on Monday.

The source said he expects decisions to be made in the next couple of weeks as banks flesh out the terms with Emirates.

In October, the rapidly expanding airline announced plans to expand its fleet to include 120 Airbus A380 superjumbos.

Emirates Chairman Sheikh Ahmed bin Saeed al Maktoum said in November that the company had no plans to issue bonds or raise funds.

Emirates is Dubai’s flagship company and one of the biggest contributors to the local economy. Dubai’s economy has been hit hard by a property crisis that devastated real estate firms. The government-owned group rivals more established names for traffic between Europe and East Asia.

Source: Reuters / maktoob.com