Majority state-owned firm Dubai Aerospace Enterprise (DAE) said that the chief executive officer of its Capital division, Robert Genise, had stepped down to take part in an entrepreneurial venture.

"We will take this opportunity to consolidate the management of this business in Dubai," DAE managing director Khalifa H
AlDaboos said in a statement.

"The business will report to the chief operating officer of DAE, and will be managed in a more integrated manner with the rest of DAE."     

DAE specialises in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing, and has more than $2 billion in aircraft assets.

The firm made a profit of $10.4 million in 2010. DIFC Investments owns a 23.3 percent stake in Dubai Aerospace. - Reuters