Dubai Aerospace Enterprise (DAE) today (January2) reported its business transactions update for 2024. The company had acquired 83 aircraft, of which 30 were owned and 53 were managed and sold 68 aircraft, including 19 owned and 49 managed.

 

During the past year, DAE had signed 233 lease agreements, extensions, and amendments for 190 owned aircraft and 43 managed aircraft. The company also placed 17 Boeing 737 MAX aircraft on long-term lease with Turkish Airlines, Eastar Jet, and Hainan Airlines.

 

Furthermore, the aviation group sealed definitive purchase agreements to acquire 36 aircraft from multiple counterparties for an aggregate consideration of $1.6 billion.

 

It had last year issued a two-tranche aircraft asset-backed securities (ABS) bond worth $497.2 million to benefit one of its managed asset clients.

 

In its engineering division, DAE recorded over 1.5 million man-hours, performed more than 300 aircraft checks, and increased its hangar capacity by 30%, expanding the number of bays to 22, including one A380 capable bay, said its top official.

 

The company also strengthened its relationship with Joramco and Spirit AeroSystems relationship by launching new services in 2024, remarked its CEO Firoz Tarapore.

 

On the financial side, DAE signed an AED2.75 billion five-year unsecured term loan with a GCC lender. Additionally, Fitch Ratings and Moody’s Investors Service both upgraded the company’s credit ratings to BBB and Baa2, respectively.

 

Tarapore pointed out that 2024 was another year of exemplary execution of DAE's strategy to continually enhance its global presence.

 

"The results we announced today confirm DAE’s position as a leader in aviation services, supported by two market-leading divisions: DAE Capital, one of the top ten global aircraft lessors, and DAE Engineering, the region’s preferred independent airframe MRO provider," he added.-TradeArabia News Service