Emirates, the Dubai-based international airline, has raised Lm87 million ($297 million) for the financing of two Boeing aircraft in an innovative German Operating lease structure arranged by Doric Asset Finance & Verwaltungs GmbH.

Powered by General Electric GE90 series engines, one Boeing 777–200LR was delivered in November and the next, a Boeing 777–300ER, is scheduled for delivery this month.

Financing was arranged by Doric Asset Finance and Norddeutsche Landesbank Girozentrale, in cooperation with Dr Peters Group.

Brian Jeffery, Emirates’ Senior Vice President Corporate Treasury said: “These innovative leases provide very competitive pricing for Emirates with ample flexibility, which are both key elements in our financing strategy.”

Emirates has 56 Boeing 777s pending delivery, comprising: seven 777-200LRs, eight 777 freighters and 41 777-300ERs. These new aircraft will support Emirates’ expanding services around the world.

With its 777-200LRs, Emirates launched non-stop services between Dubai and Houston on 3rd December, and also introduced non-stop services to Sao Paulo in Brazil on 1 October, marking the first ever non-stop flight between the Middle East and South America.

Independent and financially self-sustained, Emirates is one of the world’s most successful international airlines. From its Dubai hub, Emirates operates an all wide-bodied fleet of 112 aircraft to 99 destinations in 62 countries. This year it has launched passenger services to Venice, Newcastle, Sao Paulo, Toronto, Ahmedabad and Houston.

Emirates operates five flights weekly to Malta via Larnaca in Cyprus, on Mondays, Wednesdays, Fridays, Saturdays and Sundays on the Boeing 777-200. The Malta route gives a convenient connection to outgoing and incoming passengers from Australia and the Far East.