Dubai’s Emirates Could Tap Debt Markets To Fuel Expansion

Dubai’s flagship airline Emirates could tap the international debt markets to fund its expansion, its chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum, said.

He said the airline is open to issuing a bond or a sukuk in the near future to fuel its growth. “However, we have very good cash reserves,” he said during the Dubai Airshow

Emirates announced a $38 billion order for 65 new Boeing aircraft along with retrofitting 111 aircraft and its plans to roll out Elon Musk’s Starlink Wi-Fi on its entire in-service fleet. It will have a fleet strength of 232 by 2027.

The group closed the first half year of 2025-26 with a cash position of 56 billion UAE dirhams ($15.2 billion) on 30 September 2025, compared to AED 53.4 billion ($14.6 billion) on 31 March 2025.
 
According to Sheikh Ahmed, Emirates’ planned move to Al Maktoum International Airport by 2034 may cost “$10-$12 billion” to facilitate smooth operations. “We will need a catering facility, we need hangers,” he added.

The new airport is expected to see investments to the tune of $40 billion.