Emirates buys six leased A380s from Qatar's Lesha Bank

Emirates will take ownership of six Airbus A380-800s it has operated under lease from Qatar's Lesha Bank, with two of the transfers already completed and the remaining four due to conclude in stages through April 2028.

Lesha Bank confirmed the agreement on November 10, 2026. The phased schedule follows the expiry of each aircraft's respective lease, meaning full title transfer stretches over roughly 18 months from the announcement.

The six aircraft are understood to include registrations A6-EEY, A6-EOB, A6-EOM, A6-EOQ, A6-EOV and A6-EOX. All are aged between 10 and 12 years — mid-life for a type Emirates continues to deploy as the core of its high-capacity long-haul network.

Jonathan Skirrow, Co-CEO of Lesha Aviation Services, said: "We are pleased to have concluded this sale with Emirates, a long-standing and valued partner. Completing the sale of the two aircraft marks an important milestone, and the phased transfer of the remaining four underscores both the strength of our relationship with the airline and our continued focus on delivering well-structured, value-accretive transactions for our investors."

Where did the aircraft come from?

The six A380s were leased to Emirates through Amedeo Air Four Plus, an aircraft-leasing entity that Lesha Bank acquired in June 2026. The transaction is therefore a lessor-initiated exit from positions on a type that has been out of production since Airbus halted A380 assembly, with Emirates the natural buyer given it already operates the aircraft.

Lesha Bank said the deal reflects its "growing track record in aviation" and demonstrates the company's "ability to structure and deliver seamless aircraft transitions that generate strong outcomes for clients and investors alike".

What does the sale change for Emirates' A380 fleet?

For Emirates, the transaction converts leased capacity into owned capacity. According to the most recent ch-aviation data, two of the six A380s are actively operating in the Emirates fleet while four are currently in maintenance.

The wider fleet context frames the deal. Emirates currently operates around 86 A380-800s, with 31 of those marked as inactive, according to ch-aviation. That inactive share — more than a third of the listed fleet — reflects the carrier's practice of cycling the quad-jet type through heavy maintenance and storage as it manages utilization on a type with no new-build replacement available.

The four aircraft now in maintenance would return to service under Emirates ownership rather than under lease obligations to a Qatari bank, simplifying the ownership structure of a substantial tranche of its widebody fleet. The two aircraft already transferred were among the actively flying pair.

Residual leasing exposure

Amedeo Air Four Plus, the leasing vehicle now under Lesha Bank ownership, retains other airline exposure beyond the six A380s. It leases:

• Two Boeing 777-300ERs to Emirates
• Four Airbus A350-900s to Thai Airways

Those positions were not part of the announced sale. For Lesha Bank, the A380 exit reduces its exposure to a legacy type while the 777-300ER and A350-900 leases continue to generate income from two Asian carriers.

For Emirates, the remaining four transfers are scheduled to complete by April 2028, by which point the airline will hold title to all six mid-life A380s as it continues to manage the type's drawdown economics on its own balance sheet.