DAE confirms $12.6bn Airbus deal

FLEET AMBITIONS: DAE has chosen to go with Airbus aircraft for its leasing operations. (Getty Images)

DAE Capital, the aircraft leasing and financing division of Dubai Aerospace Enterprise (DAE), on Tuesday confirmed the purchase of 30 Airbus A350-900s and 70 A320s in a deal worth $12.6 billion.

The announcement at the UK's Farnborough Airshow follows the signing of a memorandum of understanding (MoU) for the purchase of the aircraft last November.

"DAE Capital aims to become a leading lessor based in the Middle East," Airbus said in a statement.

In 2007, DAE Capital bought $1.5 billion of aircraft from Dubai state-owned Emirates and GE Commercial Aviation Services (GECAS), a unit of GE. It paid $1 billion for 20 planes from GECAS and $500 million for eight A330s from Emirates.

Established in 2006, DAE is a global aerospace, manufacturing and services corporation made up of six divisions - DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.

Headquartered in Dubai and based at Dubai World Central, the new 140-square kilometre airport and logistics city being constructed in Jebel Ali, Dubai, DAE aims to become a major hub in the global aerospace industry within the next decade.

DAE's shareholders include Emaar, Istithmar World, Dubai Silicon Oasis, Dubai International Capital (DIC), DIFC Investments, the government of Dubai and Amlak Finance.

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