In a strategic move to expand its fleet, Emirates has finalized an agreement to purchase the remaining five Airbus A380s from Doric Nimrod Air Two Limited, as revealed in a filing last 21 August 2024 to the London Stock Exchange. This deal marks the completion of Emirates’ acquisition of a total of seven A380s initially leased from the lessor.
Doric Nimrod Air Two Limited, established by Doric to facilitate the acquisition and leasing of Airbus A380-861 aircraft, initially procured seven of these aircraft beginning in October 2011. Each aircraft was leased to Emirates, the world’s largest A380 operator, for a term of 12 years. In 2023, Emirates bought the first two aircraft from Doric, leaving five remaining A380s with serial numbers MSN 105, MSN 106, MSN 107, MSN 109, and MSN 110.
Under the new agreement, Emirates will acquire the remaining aircraft upon the completion of their respective lease terms, scheduled between 01 October 2024 and 30 November 2024. Doric has indicated that the expected sale price for each A380 is approximately US$40 million, with proceeds set to be distributed to shareholders early in the first quarter of 2025. Following this distribution, Doric plans to begin the liquidation process of the special purpose entity.
Currently, Emirates operates over 90 A380s in its fleet. The double-decker aircraft, which has experienced a resurgence in popularity after being phased out by some airlines during the COVID-19 pandemic, continues to be a staple for the Dubai-based carrier. Production of the Airbus A380 ceased in 2021, marking the end of an era for the iconic aircraft.
Doric has announced that further details on the final distribution amounts and timelines will be provided in due course.