Dubai Aerospace Enterprise (DAE) has reached an agreement to acquire 10 aircraft for an aggregate consideration of around $500 million.
DAE confirmed on October 28, 2024, that the aircraft portfolio comprises narrow-body, next-generation aircraft on lease to four airlines in four countries.
Firoz Tarapore, CEO of DAE, said: “We are delighted to continue adding further fuel-efficient, next-generation technology assets to our portfolio, and look forward to welcoming a new airline customer to our lessee base, as well as further deepening our relationship with another three airline customers.”
Tarapore added: “These young aircraft with long remaining lease terms are expected to be favorable to our portfolio’s metrics, once delivered.”
In addition, DAE announced that the company has initiated and managed the purchase and sale of equity interests in 36 managed aircraft from existing investors to new investors.
The aircraft are managed for institutional investors DAE’s Aircraft Investor Services (AIS) team, which manages over 100 aircraft across various investment strategies.
Tarapore said: “The capabilities of our AIS team have earned a strong reputation among investors who are increasingly willing to deploy their capital into aircraft assets and are looking for an experienced lessor partner. We are continuing to expand our footprint, managing a diverse pool of assets for multiple investors.”
Through the DAE Capital team, the Dubai-based lessor is responsible for a fleet of around 500 Airbus, ATR and Boeing aircraft with a total value of $18 billion.
DAE is owned by the Investment Corporation of Dubai, the investment arm of the Government of Dubai.