The seven-year tenor bond received subscriptions of $824 million surpassing an initial target of $550 million by nearly 50 percent and attracted wide investor participation from Europe as well as the Far East.

The money raised from the bond will be used to finance the new Emirates Engineering Center in Dubai. This is the first-ever Islamic 'sukuk' issue by an airline and the first sukuk with a term of seven years, with the principal proceeds being paid on maturity.

His Highness Sheikh Ahmed Bin Saeed Al-Makhtoum, Chairman of Emirates, said,

'We are extremely pleased with the interest this bond produced in the market place and we believe it is testament to Emirates' strong financial position and standing in the world market that so many banks and institutions subscribed for this opportunity.'

The awards ceremony, which took place on Monday, April 3 at New York's famed Rainbow Room, was attended by Saeed Quadri, Emirates Treasury Risk Manager, who accepted the award on behalf of Emirates.

Saeed Quadri said, 'It's an honor to receive the Middle East Airport Deal of the Year award. Emirates is pleased to be recognized for its efforts and we are gratified by the investors' response to our first sukuk offer.'