We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 23 Jul 2008 10:54 AM

Font Size

- Aa +

DAE boosts freighter leasing portfolio

Aviation, manufacturing and services conglomerate Dubai Aerospace Enterprise (DAE) has bought 18 Boeing aircraft to enhance its freighter leasing portfolio in a split purchase and leaseback agreement.

Aviation, manufacturing and services conglomerate Dubai Aerospace Enterprise (DAE) has bought 18 Boeing aircraft to enhance its freighter leasing portfolio in a split purchase and leaseback agreement.

The acquisition from Emirates Airline, which took place at the Farnborough Air Show, includes 10 Boeing 747-8Fs and eight Boeing 777 freighters, and will increase DAE’s selection of aircraft to 49, with a further 200 Boeing and Airbus planes on order, which are due for delivery between 2010 and 2013.

“This latest deal is the clearest indication yet that we are on course for developing a world-class aircraft leasing and finance operation,” said HE Dr Omar bin Suleiman, DAE group managing director. “With our location in Dubai, an experienced team and our resources, we will seize upon the significant aviation growth in the region and in other developing markets.”

The deal, which was confirmed by DAE Capital, the group’s aircraft leasing and financing arm, enhances DAE’s claim to be establishing itself as a global aircraft-leasing player.

“This agreement will help Emirates continue to operate our fleet efficiently and with maximum utility, and we’re delighted to continue our relationship with DAE who are proving themselves to be a major force in airlines fleet management,” announced Tim Clark, president of Emirates Airline.

Arabian Business digital magazine: read the latest edition online

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.