LONDON — The president of Emirates Airlines said the Dubai business community was “shocked” by the debt crisis which has struck the city state, according to a newspaper interview published here on Sunday.

“We are all a bit shocked by what’s happened and the global fall-out of the past 24 hours,” Emirates Airline President Tim Clark told the Sunday Telegraph newspaper.

“But Dubai will navigate itself out of this, as will we. I am confident that the airline will not be affected by this.”

Dubai’s government said on Wednesday it would ask creditors of its Dubai World conglomerate, which has reported debts of 59 billion dollars (39.3 billion euros), for a debt moratorium of six months.

That sent global stock markets slumping on fears of a default and a possible return to the darkest days of the global financial crisis.

Clark told the Sunday Telegraph that his airline did not intend to cancel any orders for new aircraft, adding that its finances would not be impacted by the current crisis.

“We have independent sukuks (Islamic bonds) and bonds which are maturing in 2010 and 2011,” Clark told the weekly newspaper.

“I know people expect us to repay or refinance them on schedule and we will, most absolutely.”

State-owned Emirates — one of the world’s fastest growing airlines — is also one of the global aviation industry’s biggest customers with 120 aircraft currently on order.

“If there is more turbulence then we will moderate our growth to account for this but we’re not going to stop growing, this is a great business,” Clark added.

Source: AFP

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