Dubai Aerospace secures $500m loan facilities
Dubai, April 29, 2009
State-owned Dubai Aerospace Enterprise (DAE) said on Wednesday it has secured export-import credit facilities worth $500 million to finance 10 Boeing aircraft.
The deal, which was signed with the Export-Import Bank of the United States, will support the delivery of aircraft to Emirates airline and Garuda Indonesia, DAE said in a statement.
DAE Capital, the company's aircraft leasing and financial arm, agreed in March to dry-lease eight Boeing 737-800s to the Indonesian airline.
"In the current economic environment, leasing has become the most significant growth area in the civil aviation industry," DAE Group managing director Omar Bin Sulaiman said in the statement.
DAE Capital is investing $27 billion in aircraft, including 100 Airbus A320s, A350 XWBs and 100 Boeing 737 aircraft and wide-body planes.-Reuters