UAE – Mubasher: Dubai Aerospace Enterprise (DAE) signed 233 lease agreements, extensions, and amendments for 190 owned aircraft and 43 managed aircraft in 2024.
The company acquired 83 aircraft, of which 30 were owned and 53 were managed and sold 68 aircraft, including 19 owned and 49 managed, according to Emirates News Agency (WAM).
DAE also placed 17 Boeing 737 MAX aircraft on long-term lease with Turkish Airlines, Eastar Jet, and Hainan Airlines.
Firoz Tarapore, CEO of DAE, said: “2024 was another year of exemplary execution of our strategy to continually enhance our global presence.”
“The results […] confirm DAE’s position as a leader in aviation services, supported by two market-leading divisions: DAE Capital, one of the top 10 global aircraft lessors, and DAE Engineering, the region’s preferred independent airframe MRO provider,” Tarapore added.
DAE penned definitive purchase agreements to acquire 36 aircraft from multiple counterparties for a combined value of $1.60 billion.
The company also issued a two-tranche aircraft asset-backed securities (ABS) bond worth $497.20 million to benefit one of its managed asset clients.
On the financial side, DAE secured an AED 2.75 billion five-year unsecured term loan with a GCC lender.
Fitch Ratings and Moody’s Investors Service upgraded the company’s credit ratings to BBB and Baa2, respectively.
