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Dubai’s Emirates airline sets early bond price talk, pricing Thurs

Saturday, 30 March 2013

Emirates airline, Dubai's flagship carrier, plans to issue a benchmark-sized bond on Thursday, arranging banks said on Wednesday. Early price talk for the amortizing bond, which matures in 2025 and carries an average life of seven years, was released at the high 200 basis points to 300 basis points range over seven-year midswaps. The issue will begin to make coupon payments from February 2015, a document from arranging banks said. Benchmark-sized is typically understood to mean at least $500 ...

Qantas, Emirates tie-up wins final approval

Wednesday, 27 March 2013

Australia’s competition watchdog on Wednesday gave final approval for Qantas and Emirates to launch a “game-changing” global alliance, saying the tie-up will benefit passengers. The decision by the Australian Competition and Consumer Commission, widely expected after a preliminary green light in December, allows the airlines to combine operations for five years. Under the alliance, they will coordinate ticket prices and flight schedules and struggling Qantas will shift its ...

Qantas defends itself after jumbo it sold went to Iran

Saturday, 9 March 2013

Australia’s Qantas Saturday said it took all reasonable precautions in selling aircraft after a report revealed that a jumbo jet once owned by the carrier had ended up in Iran despite sanctions.   The Sydney Morning Herald said the Boeing 747-300 was one of three aircraft sold in August 2010 in the United States to leasing company Sayegh Aviation Group in the United Arab Emirates.   The plane was later sold on to two other companies, including one in Gambia which ended up leasing ...

Abu Dhabi Air Expo indicates continued growth of private aviation in Middle East

Friday, 8 March 2013

The Abu Dhabi Air Expo 2013, the only general aviation exhibition in the Middle East, attracted participation from 160 companies this week, signaling an increase in the demand for private jets. Historically, private jets in the Middle East have been purchased primarily by the royal family or political leaders, but convenient and time-saving business jets are now becoming popular with regional businessmen and private airlines. According to Bombardier and Gulfstream, two large business jet ...

Dubai’s Emirates airline plans second bond sale this year

Wednesday, 6 March 2013

Emirates airline, Dubai’s flagship carrier, has hired six banks to arrange a potential dollar-denominated, benchmark sukuk sale, lead arrangers said on Wednesday, in what would be its second bond sale this year. Emirates, owned by the government of Dubai, picked Citigroup Inc, Standard Chartered, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and ENBD Capital for the planned sale. Dubai, which is recovering from a property-led crisis in2009, is taking advantage of ...

Etihad Rail secures $11 billion project in the UAE

Tuesday, 5 March 2013

Etihad Rail, the developer of a $11 billion railway network in the United Arab Emirates, secured a $1.28 billion five-year project financing from local and international banks to build the first phase of the project, it said on Tuesday. The UAE railway network comprises three stages, with the first stage underway after a $900 million civil and track works contract was awarded in October 2011. Phase one will link the western region cities of Habshan and Ruwais by 2013 and connect Shah and Habshan ...

Shares in India’s jet slide on Etihad deal worries

Sunday, 3 March 2013

Shares in Jet Airways plunged nearly six percent Friday on concerns over whether India’s second largest private airline will clinch a stake sale to Abu Dhabi-based Etihad Airways. Shares fell 6.19 percent before recovering slightly to close down 5.81 percent at 527.35 rupees as a media report said “fresh hurdles” had emerged in talks with the Gulf carrier over its plans to buy a stake in Jet. “Etihad has put a host of conditions, including an option to buy up to 49 ...

India’s Jet Airways shares rise after TV reports deal with Etihad Airways

Wednesday, 27 February 2013

Shares in Jet Airways surged as much as 19.7 percent on Wednesday after TV channel ET Now cited unidentified sources as saying Etihad Airways was close to a deal to purchase a 24 percent stake in the Indian carrier. Abu Dhabi’s Etihad has already paid a “token” amount of $70 million, and will likely pay $400 million in the first tranche of the deal, the channel reported. A Jet Airways spokeswoman referred Reuters queries on there port to Etihad. Etihad said it did not have an ...

Bahrain Air grounded by mounting debts

Wednesday, 13 February 2013

Debt-burdened carrier Bahrain Air grounded all flights Wednesday after announcing plans to shut down operations and sell its assets amid struggles to rebound from the Gulf nation’s unrest-driven downturn and competition with bigger rivals. The small, privately run airline is among the most high-profile corporate victims from Bahrain’s political crisis that erupted two years ago. The pro-democracy uprising by majority Shiites brought a sharp economic slump, but the kingdom’s ...

Aviation sector contributes more than $39 billion to UAE’s economy

Wednesday, 13 February 2013

The aviation sector now contributes more than Dhs 145 billion ($39.47 billion) to the UAE’s economy, or 14.7 per cent to the national GDP, according to Sheikh Ahmad Bin Saeed al Maktoum, President of Dubai Civil Aviation. “This contribution is projected to grow further in the coming years and as such justifies the country’s huge investment in airports and airline networks. Aviation and logistics have had a major impact on other economic sectors such as tourism, hospitality, ...

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