Emirates, the Dubai-based world’s fastest-growing international airline, has been distinguished with an award from the Airfinance Journal during the publication`s prestigious “Deal of the Year” annual gala dinner in New York.

The Airfinance Journal’s “Deal of the Year” awards are regarded as the `Oscars` of the airline financial industry. Emirates won the “Middle East Deal of the Year” award.

More than 150 international financial leaders from airlines, aircraft manufacturers, banks and institutional investors were present at the awards ceremony.Ê Alasdair Whyte, Airfinance Journal Editor, said:Ê “Emirates is one of the most innovative airlines, and this is the third year running that they have won an award. This continues to demonstrate how much the financial markets respect Emirates and its management team.”Ê

Reporting on the award, Airfinance Journal cited Emirates’ innovative $100 million deal to finance one Airbus A330 aircraft on a ten year international operating lease with equity provided by Lloyds Bank TSB and debt arranged by Credit Agricole Indosuez.

Last September Emirates won the “Aircraft Leasing Deal of the Year (Asia) for 2002” a major investment banking award, by the respected Jane’s Transport Finance magazine for the second year in succession. This was forÊ Emirates` financing of one A330 for USD 90 million on a ten year Islamic Lease arranged by HSBC and co-arranged by Dubai Islamic Bank.Ê

Riyaz Peermohamed, Emirates` Corporate Treasurer said: ” These landmark and innovative leases provide very low cost financing for Emirates. Islamic financing has become a reliable and sustainable new source of funding for Emirates and will help finance some of our future fleet expansion programme”.

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