Emirates NBD extends loan to DAE: Dubai Aerospace Enterprise (DAE) will receive a AED 2.75 bn five-year unsecured term loan with Emirates NBD to support the state-owned firm’s general corporate needs and future financing requirements, according to a statement released on Thursday. The AED- denominated loan “will serve to further strengthen our exceptional liquidity,” DAE CEO Firoz Tarapore said.

Second round of financing in a month: DAE secured USD 420 mn in funding from China Construction Bank (CCB) last month to bolster liquidity. The five-year credit facility was earmarked to support “the future financing needs of the business,” the firm said. CCB also provided DAE with a four-year USD 300 mn unsecured loan in 2020.

Where’s the money going? DAE is a global aviation services firm with two divisions, DAE Capital and DAE Engineering. DAE Capital is an aircraft lessor with a fleet of some 500 aircraft worth more than USD 17 bn. DAE Engineering provides maintenance, repair, and overhaul services to clients across Europe, the Middle East, Africa, and South Asia.

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