VOL. XXXIX

No. 35

27-May-1996

UAE

First Tranche Of Emirates Loan Announced

Citibank of the US has arranged the first tranche of $1bn in financing for Emirates Group, the wholly government- owned airline of Dubai. This first tranche, worth $106.25mn, is in respect of one Boeing 777 aircraft - engines included - prior to the delivery of a further six 777s later in 1996 and through 1997. In a statement, Emirates' Finance Director, Dermot Mannion, was quoted as saying that the "$1bn debt...