Dubai Aerospace Enterprise Signs Deal To Buy 23 Aircraft (Photo @dubaiaerospace)
Dubai Aerospace Enterprise (DAE), a globally recognised aviation services corporation with Aircraft Leasing and Engineering, on Wednesday, announced that it has signed agreements to buy at least 23 aircraft from multiple counterparties for a combined amount of approximately 1.1 billion US dollar.
Notably, the move by the DAE reflects a growing trend of aviation companies’ acquisition. The UAE’s noted airline Emirates had signed a deal for some acquisition a few days ago. The latest aircraft portfolio by the Dubai-based Aerospace Enterprise has a weighted average age of 3.4 years, as well as a weighted average lease term remaining 8.8 years. These are on lease to 13 airlines in nine countries.
Read Also: Dubai Airport Barred SpiceJet Passengers From Checking-In?
The Dubai-based aerospace enterprise’s new purchases are made up of 91 per cent narrow-body aircraft in value terms, and 86 per cent are ‘next-generation technology aircraft’. Speaking about the latest acquisition, DAE CEO, Firoz Tarapore, said the company is delighted to add the young portfolio of aircraft assets with a long remaining lease term to our fleet.
“We welcome six new airline customers to our globally diverse customer base. Following the induction of these aircraft, our next-generation fuel-efficient fleet composition is expected to improve by nominally four percentage points on a pro-forma basis,” the CEO added.
According to the updates, the new deals will close before the close of this year. The DAE’s current fleet value is over $18 billion.
Read Also: SpiceJet Resolves Financial Woes; Flight Services Resume
The company which has seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, operates in two divisions: Aircraft Leasing and Engineering. The aerospace serves over 170 airline customers in over 65 countries, and the Aircraft Leasing division is managing a fleet of approximately 500 Airbus. The Engineering division serves customers in Europe, Middle East, Africa, and South Asia, accommodating up to 17 wide and narrow body aircraft.
