Dubai Aerospace Enterprise (DAE), an aircraft leasing and maintenance company controlled by the government of Dubai, said on Tuesday it had agreed to buy an 80 per cent stake in Jordan Aircraft Maintenance Limited (Joramco).

DAE signed a definitive agreement to acquire the stake in Joramco from Dubai-based private equity house The Abraaj Group, DAE said in an emailed statement. The value and terms of the transaction were not provided.

Joramco is an independent commercial aircraft maintenance, repair and overhaul facility, which services aircraft built by Airbus and Boeing, according to information on its website.

DAE managing director Khalifa H AlDaboos said: “Joramco with its experienced staff provides a high quality product at a very competitive price to regional and global airlines. We welcome Joramco to the DAE family and look forward to working with the management to accelerate the growth trajectory of the Company by expanding its product offerings, customer reach and geographic area of focus.” – TradeArabia News Service & Reuters