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Dubai’s government-owned Emirates airline has signed a US$115mn financing agreement for its seventh Airbus A340-500 aircraft.

The 12-year loan was fully funded by the National Bank of Abu Dhabi and Gulf International Bank. The weighted average cost of funds was 0.9% over six-month Libor.

The aircraft is scheduled to be delivered by the end of November.
Emirates’ first four long-haul A340-500s were financed using a combination of European export credit and Islamic funding.

The fifth was financed by Standard Chartered with Bank of Tokyo Mitsubishi and Lloyds TSB as co-arrangers, and the sixth by two local banks.

Serving 77 cities in 54 countries, Emirates has on order 45 Airbus A380-800s, 30 Boeing 777-300ERs, another three Airbus A340-500s and 20 Airbus A340-600 Higher Gross Weight aircraft, totalling US$28bn.