DAE to Acquire 23 Aircraft Worth $1.1 Billion

Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today announced that it had recently signed agreements to acquire 23 aircraft from multiple counterparties for an aggregate consideration of approximately US$1.1 billion.

When consolidated, the aircraft portfolio has a weighted average age of 3.4 years, a weighted average lease term remaining of 8.8 years and is on lease to 13 airlines in 9 countries. On a consolidated basis, the portfolio consists of 91% of narrow body aircraft by value, and 86% of the portfolio is next generation technology aircraft.

Firoz Tarapore, Chief Executive Officer of DAE, commented:

“We are delighted to add this young portfolio of aircraft assets with a long remaining lease term to our fleet, and as part of these transactions, 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.”

All aircraft are expected to close by the end of 2024.

News Source: Dubai Media Office