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 +

Thu 27 Jun 2019 10:50 AM

Font Size

- Aa +

Dubai's DAE repurchases shares held by Emaar Properties

Middle East's biggest plane-leasing firm is now 100% owned - directly and indirectly - by Dubai's investment arm, Investment Corporation of Dubai

Dubai's DAE repurchases shares held by Emaar Properties
DAE said the transaction is expected to have no impact on the capital adequacy ratios of the company.

Middle East's biggest plane-leasing firm Dubai Aerospace Enterprise (DAE) has repurchased the approximately 4% of its common shares owned by Emaar Properties, the company announced. 

Following the acquisition, DAE is now 100% owned - directly and indirectly - by Dubai's investment arm, Investment Corporation of Dubai (ICD).

DAE said the transaction is expected to have no impact on the capital adequacy ratios of the company.

“Emaar was part of the initial investor group along with ICD when DAE was incorporated in 2006," said  Khalifa H. AlDaboos, deputy CEO of Investment Corporation of Dubai. "We value the support they have provided over the years to grow DAE into the strong market leader it is today,” he added. 

Firoz Tarapore, CEO of DAE said: “DAE’s capital position has gone from strength to strength over the years and we are delighted to be able to complete this transaction in the second quarter without any impact on our capital adequacy and liquidity metrics.”

Arabian Business: why we're going behind a paywall

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.