FGB completes financing deal for Emirates airline’s 100th Boeing 777-3

20/11/2014 12:20 AST

FGB has finalised an AED 1.1 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 AED 918 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.

André 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.”

Simon Penney, Head of the Wholesale Banking Group at FGB, added: “The success of this transaction is testament to our ability to lead and take on multiple mandates. Through the collaborative approach adopted across the various divisions of our Wholesale Banking Group, we were able to structure, agree terms and execute the transaction efficiently.”

CPI Financial