Dubai Aerospace Enterprise (DAE) has announced its 2024 business update, showcasing robust achievements across its aviation leasing and engineering divisions.
The company acquired 83 aircraft, including 30 owned and 53 managed, and sold 68 aircraft, comprising 19 owned and 49 managed units.
In leasing, DAE finalized 233 agreements, extensions, and amendments involving 190 owned and 43 managed aircraft. Notably, 17 Boeing 737 MAX aircraft were placed on long-term leases with Turkish Airlines, Eastar Jet, and Hainan Airlines. Additionally, DAE signed purchase agreements for 36 aircraft valued at $1.6 billion.
DAE also issued a $497.2 million two-tranche aircraft asset-backed securities (ABS) bond to benefit a managed asset client.
The engineering division reported over 1.5 million man-hours, completing more than 300 aircraft checks. Hangar capacity expanded by 30%, adding 22 bays, including one for the Airbus A380. DAE also launched new services in partnership with Joramco and Spirit AeroSystems.
On the financial front, DAE secured a five-year AED 2.75 billion term loan with a GCC lender. Credit ratings were upgraded to BBB by Fitch Ratings and Baa2 by Moody’s, further solidifying its financial strength.
Firoz Tarapore, CEO of DAE, stated,
“2024 was another year of exemplary execution of our strategy to enhance our global presence. These results confirm DAE’s leadership in aviation services, driven by DAE Capital and DAE Engineering.”
With these milestones, DAE reinforces its position as a top-tier global aircraft lessor and a leading regional MRO provider.
News Source: Emirates News Agency
