HSBC has arranged financing for six new Airbus A350-900 aircraft for Emirates, marking the airline’s return to the Japanese Operating Lease with Call Option (Jolco) market after six years and reinforcing a 40-year partnership between the global bank and the Dubai carrier.
Five of the aircraft have already been financed through Jolco structures, with the sixth currently in progress, in a move that allows Emirates to diversify funding sources while supporting the expansion of one of the world’s largest long-haul fleets.
The deal comes as Emirates continues a major fleet modernisation and growth programme. The airline has ordered 65 Airbus A350-900s in total, with deliveries running through 2028. The aircraft type entered service with Emirates in November 2024 and is being deployed on medium- to long-haul routes including key markets in Europe and Asia.
The A350 allows Emirates to open new point-to-point connections and serve thinner routes more efficiently, complementing its high-capacity Boeing 777 and Airbus A380 operations.
The A350-900 is built with advanced aerodynamics, next-generation Rolls-Royce engines and extensive use of carbon-fibre composites, delivering up to 25 per cent better fuel efficiency and lower emissions. This aligns with Emirates’ wider sustainability goals and the global aviation industry’s transition toward more environmental operating models. The aircraft also supports improved cabin comfort due to quieter engines, higher humidity levels and larger panoramic windows.
Emirates, already the world’s largest international airline, currently operates a fleet of more than 260 aircraft, dominated by Boeing 777s and Airbus A380s. The airline has one of the largest order books globally, including up to 205 Boeing 777X aircraft, 35 Boeing 787 Dreamliners and the 65 A350s now entering service, strengthening Dubai’s strategic role as an aviation hub linking East and West. The expansion supports the carrier’s plan to meet rising global air travel demand and regain long-haul market share that has grown rapidly since the post-pandemic travel recovery.
The financing transaction highlights HSBC’s role as a longstanding capital provider to the UAE’s aviation sector. Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group, and Georges Elhedery, Group CEO of HSBC Holdings, met in Dubai to mark the latest deal. Senior executives from both organisations attended the signing ceremony, reflecting the continuity of a relationship dating back to 1985, when HSBC supported Emirates’ first aircraft acquisition.
Mohamed Al Marzooqi, chief executive officer, UAE, HSBC Bank Middle East Limited, said the partnership has grown in step with the UAE’s emergence as a global aviation leader. “Over the last 40 years, HSBC has supported Emirates’ journey from its very first aircraft to its position today as one of the world’s leading airlines. This latest financing demonstrates the strength of that relationship and our shared confidence in the UAE’s aviation sector,” he said.
The deal also builds on several financial market milestones achieved jointly by the two organisations. Over the decades, Emirates and HSBC have collaborated on innovative funding instruments, including the first Export Credit Agency-backed Sukuk, which at the time was the largest ECA-guaranteed debt capital markets issuance in global aviation.
As Emirates continues to scale its network and fleet in line with sustained passenger demand, international banks and investors are expected to play an increasing role in structuring diversified funding strategies. For HSBC, the A350 financing reinforces its global aviation franchise and its commitment to connecting regional champions with worldwide pools of capital as the industry enters its next phase of growth and decarbonisation.
- Dubai
