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Dubai crisis not to impact Emirates: Report

Dubai's flagship airline Emirates has said the financial crisis would have no major impact on the carrier but admitted that the business community is shocked over multi-billion repayment woes of Dubai World.

business Updated: Nov 29, 2009 20:53 IST

Dubai's flagship airline Emirates has said the financial crisis would have no major impact on the carrier but admitted that the business community is shocked over multi-billion repayment woes of Dubai World.

"Dubai will navigate itself out of this, as will we. I am confident that the airline will not be affected by this," the Sunday Telegraph quoted Emirates Group President Tim Clark as saying.

Admitting to business community's "shock" over the crisis, he said "we are all a bit shocked by what's happened and the global fall-out of the past 48 hours".

"We have independent sukuks (Islamic bonds) and bonds which are maturing in 2010 and 2011. I know people expect us to repay or refinance them on schedule and we will, most absolutely," he told the Sunday Telegraph.

"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," he said.

Emirates is dubbed the "jewel in the crown" of Dubai's assets. As one of the first company's established by the Al Maktoum ruling family.

The airline, has a fleet of 130 aircraft, and relies on the UAE for 17 per cent of its business.