DAE boosts aircraft portfolio: Dubai Aerospace Enterprise (DAE) has inked an agreement to acquire 10 aircraft for approximately USD 500 mn, according to a press release. DAE also facilitated the purchase and sale of equity interests in 36 managed aircraft from existing investors to new investors. The acquisitions are expected to be finalized by the end of 2024.

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The details: The narrow-body aircraft will be leased to four airlines across four countries.

Not the first aircraft acquisition agreement for DAE this year: DAE inked agreements back in August to acquire 23 aircraft from several entities for USD 1.1 bn. The planes are leased to 13 airlines in nine different countries.

Eyes on DAE: DAE owns a fleet of nearly 500 Airbus, ATR, and Boeing aircraft valued at USD 18 bn, according to the press release. 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 in July that it was booked solid for 18 months. Turkish Airlines is among the carriers who have leased aircraft from DAE, leasing 10 Boeing 737-8 aircraft, slated for delivery in 2025.

The lessor secured fresh funds this year: DAE said back in April that it is set to receive an 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. 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.

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