us airlines turn on emirates over credit
Friday 24 January 2025
Last Updated : GMT 06:49:16
Arab Today, arab today

US airlines turn on Emirates over credit

Arab Today, arab today

Arab Today, arab today US airlines turn on Emirates over credit

Dubai - Arabstoday

A fresh salvo has been fired in the battle among airlines to secure financing after a US trade body said Emirates Airline should be banned from accessing US export credit. The comments are likely to further ignite tensions among global and Middle East carriers at a time when sources of funding are drying up because of the uncertain global economic outlook. Emirates planned to tap US export credit as one of the funding avenues for its US$18 billion (Dh66.1bn) purchase of 50 Boeing 777 aircraft, Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates Airline, said last week. In addition, the airline would use EU export credit, operating leases, commercial asset-backed debt, as well as Islamic financing, he said. But the airline's plans have attracted the wrath of the Air Transport Association of America (ATA), which represents the interests of US carriers. "Emirates has ample access to commercial credit and capital sources and should not qualify for Ex-Im Bank [Export-Import Bank of the US] support," said Steve Lott, the vice president of communications at ATA. "Export credit support should be reserved for companies that have difficulty accessing commercial credit due to country-specific political or structural risks. Emirates does not fall into this category." No one from Emirates was available yesterday for comment. Emirates and other regional carriers traditionally rely on export credit-backed deals for between 14 and 24 per cent of their overall funding streams. ATA has been frequently outspoken in its views about overseas airlines' financing as it seeks to defend US carriers. Earlier this month it filed a lawsuit against the Ex-Im Bank in a bid to block a multibillion-dollar support package for Boeing jets ordered by Air India. ATA argues Ex-Im Bank's actions frequently distort global competition and fall short of its obligations by law. Many global airlines are facing a trickier time securing aircraft finance as European banks tighten their credit exposure in response to the euro-zone sovereign debt crisis. Tim Clark, the president of Emirates, was quoted in September as saying some French banks were showing signs of reluctance to lend. Emirates and other regional carriers have previously had to defend themselves against accusations from European flag carriers that they receive subsidies from their governments. In a bid to appease US and European carriers, new rules imposed by the Organisation for Economic Co-operation and Development earlier this year are likely to raise surcharges and could also increase interest rates on deals backed by export credit agencies in the US and Europe.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us airlines turn on emirates over credit us airlines turn on emirates over credit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us airlines turn on emirates over credit us airlines turn on emirates over credit

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 12:31 2017 Thursday ,02 November

Gala Dinner Wednesday 8 November, 7.30pm

GMT 13:44 2018 Tuesday ,23 January

Ibrahim meets UNIFIL Commander

GMT 04:23 2017 Saturday ,30 December

Iraq faces 'new war' - on corruption

GMT 13:20 2017 Friday ,29 December

PML-N achieved milestone with inauguration of Hazara

GMT 14:30 2017 Wednesday ,08 March

China’s FX reserves rebound above $3tr

GMT 02:59 2017 Thursday ,12 January

Emirates challenging us for future A380 version

GMT 05:23 2017 Thursday ,10 August

UAE in talks to facilitate air transport with India

GMT 00:43 2016 Thursday ,18 August

Kenya wins East Africa military games

GMT 06:16 2017 Thursday ,16 March

Partnership between Dams Implementation Unit,

GMT 02:08 2017 Tuesday ,12 September

Saudi Airline says US laptop ban lifted

GMT 11:59 2017 Tuesday ,25 April

PSG, Monaco renew battle in French Cup semi-final

GMT 21:24 2017 Thursday ,30 November

Governor of Makkah meets UAE Ambassador
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday