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FINANCIAL NEWS
Emirates buys land from Meydan
22 Mar 2011
(MENAFN) Emirates Airline’s executive vice president of facilities, projects management and procurement, Ali al Soori, said that the carrier bought land from Meydan Group to be used for building residential units for the carrier’s increasing pilots-staff, reported the National.
The Dubai-based carrier said it would use the land to implement a project called Meydan Heights which would result in 528 new villas for pilots. The deal was approved on a lease-to-own model.
The new deal indicates Meydan searching for new revenue, as well as news costs the Emirates under goes due to expansion plans.
It is worth noting that currently, the Emirates has a staff of over 30,000 people and is planning the addition of another 16,000 staff of pilots and cabin crew.
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