FARNBOROUGH, UK — Dubai Aerospace Enterprise (DAE), the global aerospace, manufacturing and services corporation, is expanding its aircraft leasing portfolio with the acquisition of 18 Boeing freighter aircraft. Confirmed today (Wednesday) by DAE Capital, the group’s aircraft leasing and financing business, the company is to acquire the new freighter aircraft in a split purchase and leaseback deal. The aircraft, which will be acquired from Emirates Airline, comprise 10 Boeing 747-8Fs and eight GE90-115B powered Boeing 777 freighter aircraft. This latest agreement will increase DAE Capital’s leasing portfolio to 49 aircraft and with a further 200 Boeing and Airbus aircraft on order, due for delivery between 2010 and 2013, the Dubai-headquartered company is rapidly establishing itself as a world-class aircraft leasing business.
H.E. Dr. Omar bin Suleiman, DAE Group Managing Director, said: “This latest deal is the clearest indication yet that we are on course for developing a world-class aircraft leasing and finance operation. With our location in Dubai, an experienced team and our resources, we will seize upon the significant aviation growth in the region and in other developing markets.”
Bob Genise, DAE Capital CEO, said: “This announcement strengthens our aircraft leasing and finance portfolio and demonstrates that we have what it takes to develop a significant global aircraft leasing and finance business from a standing start.”
Tim Clark, President of Emirates Airline, said: “This agreement will help Emirates continue to operate our fleet efficiently and with maximum utility, and we’re delighted to continue our relationship with DAE who are proving themselves to be a major force in airlines fleet management.”
About DAE Capital
DAE Capital is part of Dubai Aerospace Enterprise, a fast developing global aerospace, manufacturing and services corporation made up of six divisions. The others are DAE Airports, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.
Being established as an aircraft leasing and finance business, DAE Capital aims to become one of the largest aircraft leasing companies in the Middle East serving an international market, inside the next decade. It aims to support the incredible demand for new aircraft, particularly in the Middle East and Asia, with a balanced quality portfolio of single-aisle and wide-body aircraft.
DAE Capital offers clients and investors a proposition few others can match. As one of six divisions of DAE, the group provides a synergised cluster of aerospace services, allowing customers to benefit from a world-class shared knowledge and service pool. Its unrivalled position allows it to provide advanced value-added services to airlines in conjunction with the other DAE segments such as engineering, maintenance, repair and overhaul.
DAE Capital seeks to become an integral part of the global aerospace industry and a leading player on the world stage in terms of aircraft leasing and finance.
DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions – DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.
Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central – the new 140 square kilometre airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.
DAE’s shareholders include EMAAR, ISTITHMAR World, Dubai Silicon Oasis (DSO), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.
For further information about DAE, click here