Dubai-based airplane lessor and aviation services provider Dubai Aerospace Enterprise (DAE) will receive USD 420 mn in fresh funding from China Construction Bank (CCB) to strengthen its liquidity position, the company said in a statement. The five-year credit facility will be used to “support the future financing needs of the business,” the statement reads.

Not the first time CCB lends DAE a hand: CCB provided DAE with a four-year USD 300 mn unsecured loan in 2020 to support the airplane lessor’s financing needs.

The state-owned firm had raised the biggest loan in its history last year, clinching USD 1.6 bn in funding from 26 lenders, DAE said in September.

DAE’s been making moves lately: Amman-based MRO outfit and DAE subsidiary Joramco has inked a new maintenance agreement with Turkish cargo airlines MNG Airlines earlier this month and Turkish Airlines inked an agreement with DAE to lease ten Boeing 737-8 aircraft slated for delivery in 2025.

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