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17 June 2003
As expected, Dubai-based airline Emirates has placed the largest order in civil aviation history, worth around $19 billion. The carrier has ordered 67 aircraft in all, a combination of purchase orders and leasing deals.
The most significant part of the order is confirmation that Emirates has opted to buy 21 Airbus A380s and lease two more of the massive, 550-seater aircraft. These aircraft means that the airline now has 45 A380s on order, more than any other airline. Additionally, Emirates will buy two ultra-long range A340-500s and 18 A340-600 Higher Gross Weight jets, as well as lease two A340-600s from ILFC. Emirates will be the launch customer for the A340-600.
Furthermore, the carrier has announced that it is to lease 14 Boeing 777-300 ERs from General Electric Capital Aviation Services (GECAS) and 12 from the International Lease Finance Corporation (ILFC). GE90 engines will power the Boeing aircraft. The deal will be worth around $1 billion to GE Aircraft Engines, for the engines and support services.
"Now we are placing more multi-billion dollar orders, and have chosen A380s, A340s and 777s to meet exceptionally strong demand from passengers and cargo customers. We will fund them from our own reserves, from banks and institutional investors, and through operating leases," said the Chairman of Emirates HH Sheikh Ahmed bin Saeed Al-Maktoum.
Deliveries of the newly ordered A340-500s will begin at the end of 2004, those of the A340s in June 2007, and those of the A380s in the spring of 2009. Rolls-Royce Trent 500s will power the A340-500s but it is yet to be announced which engines will propel the A380s.
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