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Clifford Chance advises on the financing for the 50th Airbus A380 to Emirates

18 August 2014

Clifford Chance advises on the financing for the 50th Airbus A380 to Emirates

Clifford Chance has advised Abu Dhabi Islamic Bank, Dubai Islamic Bank and Commercial Bank of Dubai on a US$425 million Islamic financing and leasing (ijara) to Emirates for two aircraft, including Emirates' 50th Airbus A380, marking a significant milestone for the airline.

Abu Dhabi Islamic Bank acted as security trustee, security agent, investment manager and investor while Dubai Islamic Bank and Commercial Bank of Dubai acted as investors. The 50th A380 was delivered on 9 July 2014.

Commenting on the deal, lead partner and Head of Asset Finance for the Middle East, Antony Single stated: "Clifford Chance is delighted to advise three leading providers of Islamic finance to a flagship carrier such as Emirates which allows the airline to continue to grow its fleet of Airbus A380s."

The UAE based Clifford Chance team advising the banks was led by Antony Single and included senior associate Shauaib Mirza, associate Asim Arshad and trainee Jack Parker. Antony Single has advised on the majority of all UAE aircraft transactions including for Emirates, flyDubai and Etihad.