Emirates NBD Bank signed a financing agreement worth $350 million with Emirates Airlines for two aircraft.

According to a press release issued yesterday, this financing facility supports the delivery of two long-range Boeing 777-200LRF cargo aircraft to the carrier, supports Emirates SkyCargo’s strategy to expand and grow its fleet, and enhances Dubai and the UAE’s position as a global trade and logistics hub.

This deal represents the first mortgage-style financing partnership for cargo aircraft between Emirates NBD and Emirates Airlines, secured after a competitive process, and extends the long-standing partnership between the two institutions.

For Emirates Airlines, this deal marks the first time it has used a direct aircraft financing structure similar to a mortgage, without the need to establish a traditional special purpose external company, highlighting the carrier’s strategic shift towards adopting more flexible and streamlined financing methods.

Ahmed Al Qassim, Head of Business Banking at Emirates NBD Group, said this important financing for Emirates Airlines reflects Emirates NBD’s ongoing commitment to supporting key sectors that contribute to achieving the UAE’s economic vision.

Michael Dursam, Group Chief Financial Officer and Group Services at Emirates Group, said Emirates Airlines has a strong financing record and access to a wide range of funding sources, emphasizing the keenness to develop innovative approaches to its long-term financing strategy, noting that this important deal with Emirates NBD is Emirates Airlines’ first aircraft-backed financing with the bank.