Emirates airline may be put up as debt collateral

| 01/12/2009

(The Guardian): Dubai’s flagship airline, Emirates, has emerged as a potential pawn in the city state’s scramble for financial stability. One of the world’s fastest growing carriers, the scale of Emirates’s ambition is underlined by its status as the biggest customer for the A380 super-jumbo and its lavish sponsorships of leading European football clubs including Arsenal and Paris St Germain. But financial experts believe the airline’s future could be determined by Dubai’s sister emirate, Abu Dhabi, which could demand ownership of the company for bailing out its neighbour if the troubles at Dubai World worsen. Emirates is owned by the Investment Corporation of Dubai, which is in turn controlled by the Dubai government.

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