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Emirates Airlines has $4 billion reserves: chairman

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Reserves of Emirates Airlines, Dubai’s flagship carrier, are estimated at $4 billion in cash, its Chairman Sheikh Ahmed bin Saeed al-Maktoum told Al Arabiya TV on Wednesday.

Saeed who said that his company is not interested in buying Boeing Dreamliner, added that the carrier ordered 239 aircrafts to it existing fleet of 161 planes.

He said the airline ordered the purchase of 50 Boeing 777 jetliners during the recent Dubai Air Show for a total of $26 billion, with options to buy 20 more aircraft.

The airline said it has enough funding for 2012 and is not interested in issuing new bonds.

Despite fears looming on the world economy, the Gulf airline carrier dubbed as a gold mine is showing financial strength. Airlines in the Middle East in the next 20 years will need an estimated 2,520 airplanes worth $450 billion, according to Boeing estimates.