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Mon 20 Jan 2020 02:17 PM

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Dubai's DAE signs $300m loan deal with Chinese bank

Dubai Aerospace Enterprise says loan will support the future financing needs of the business

Dubai's DAE signs $300m loan deal with Chinese bank

Dubai Aerospace Enterprise (DAE) announced on Monday that it has signed a $300 million 4-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited.

The principal amount of the loan can be increased to $500 million and the loan will support the future financing needs of the business, DAE said in a statement.

Firoz Tarapore, CEO of DAE said: “We are delighted to start the new year 2020 with a meaningful and sizeable transaction with the DIFC branch of one of the world’s leading banking organisations. We look forward to deepening our relationship with CCB in the future.”

Yuan Shengrui, senior executive officer at China Construction Bank (DIFC Branch) said: “CCB DIFC Branch is delighted to have been given the opportunity to co-lead this successful transaction. This syndication is the first financing which CCB Group arranged for DAE, and we are pleased to have the opportunity to be involved with closing such a successful deal.

"It demonstrates that DAE is a well-established borrower, which commands significant interest in both Asia and Middle East banking market. We look forward to continuously leveraging on CCB’s overseas network and resources to deepen our partnership with DAE and promote closer business collaboration in the future.”

DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.

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