The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / WAM
Dubai Aerospace Enterprise, DAE, announced on Wednesday that its leasing division DAE Capital has recently signed three agreements to sell 16 aircraft with a total market value of nearly $900 million (AED3.3bn).
The aircraft covered by these agreements include Boeing 737 and Airbus A320, A330, and A350 family aircraft, have an average age of two years and are currently on lease to 11 airlines in 11 countries.
Commenting on the announcement, Firoz Tarapore, Chief Executive Officer of DAE, said, “This divestment activity will help us optimise our portfolio composition and monetise some of our recent larger-scale investments. This transaction does not impact our total number of customers. Proceeds will be used to pay down debt and reinvested to support our ambitious growth plans. Proac- tively managing our portfolio through active trading is a critical component of our long-term portfolio strategy and it is important for us
to remain relevant in all segments of the secondary market for aircraft sales.â€
The agreements are expected to close in the second half of 2018.
Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.
DAE’s award-winning leasing division DAE Capital has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of $14 billion.