Dubai Aerospace to acquire 23 aircraft for USD 1.1 bn: Dubai Aerospace Enterprise (DAE) inked agreements to acquire 23 aircraft from several entities for USD 1.1 bn, according to a press release (pdf). The agreements are set to be finalized by the end of 2024.

The details: Once the aircraft are acquired, DAE’s portfolio will have a weighted average age of 3.4 years, with a weighted average lease term of 8.8 years remaining. These planes are leased to 13 airlines in nine different countries. More than 90% of the aircraft are narrow-bodies, DAE sources told the National. DAE will also see the addition of six new airline customers to its base through the new acquisition.

Eyes have been on DAE: DAE owns a fleet of nearly 500 Airbus, ATR, and Boeing aircraft valued at USD 18 bn. Delays in new jet deliveries from Boeing and Airbus are bearing fruit for DAE services, with maintenance, repair, and overhaul (MRO) requests surging, with the company saying it is booked solid for 18 months. Turkish Airlines is among the carriers who have leased aircraft from DAE, leasing ten Boeing 737-8 aircraft, slated for delivery in 2025.

The company recently bagged fresh financing: DAE said it is set to receive an AED 2.75 bn five-year unsecured term loan with Emirates NBD back in April to support the state-owned firm’s general corporate needs and future financing requirements. Earlier in March, the firm said it was set to receive USD 420 mn back in fresh funding from China Construction Bank (CCB) to strengthen its liquidity position.

About DAE: DAE is a global aviation services firm with two divisions, DAE Capital and DAE Engineering, according to the company’s website. DAE Capital is an aircraft lessor with a fleet of some 550 aircraft worth more than USD 18 bn, according to the press release. DAE Engineering provides maintenance, repair, and overhaul services to clients across Europe, the Middle East, Africa, and South Asia.

The latest in a string of aircraft acquisitions: Emirates is uptaking five Airbus A380s from Doric Nimrod Air for GDP 30.7 mn a piece, to be paid by 1Q 2025, with the acquisition set to be complete between 1 October and 30 November this year.

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