Dubai Aerospace Enterprise (DAE) Ltd has announced the receipt of $201 million in cash proceeds from settlements with selected insurance companies over the past three months.
The settlements pertain to aircraft that were previously leased to airline carriers in the Russian Federation.
In a media statement issued today, DAE confirmed that it and its affiliated entities have released their claims against the involved insurance and reinsurance companies. These settlements contribute to a cumulative total of $319 million received by DAE, including a 2023 settlement with certain parties involving seven aircraft.
Despite the settlements, DAE remains committed to pursuing further litigation in the English courts under its existing insurance policies. The company also continues its efforts to mitigate losses associated with its aircraft formerly leased to Russian airlines.
This announcement highlights DAE’s proactive approach to managing the financial impact of its leasing operations in the region and underscores its commitment to protecting shareholder value.
News Source: Emirates News Agency
