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Emirates on track for ‘record breaking’ year

Emirates on track for ‘record breaking’ year

Emirates Airlines has said it is on for a “record breaking” financial year, following the repayment of a $500 million bond.

Due this month, the bond was issued on the Luxembourg Stock Exchange in 2004 on a seven year term.

“The repayment of this bond is part of Emirates overall financing strategy,” Emirates chief executive Sheikh Ahmed bin Saeed al-Maktoum said.

“The results for the first half of the 2010-11 financial year are incredibly robust.

“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries.”

He added the airline – which was recognised as offering the Middle East’s Leading Airline Website by the World Travel Awards in 2010 - would continue to use normal diverse range of options available to finance its growth.

al-Maktoum went on to explain the 62 new aircraft ordered in the first half of 2010 will help the airline develop its growth plans.

The Dubai-based airline last year announced a multi-billion dollar increase in its fleet to include 120 Airbus A380 super-jumbos.