DAE acquires 83 aircraft and signs 233 leasing agreements during 2024

DUBAI, 2nd JANUARY / WAM / Today, DAE announced the results of its business and commercial operations for the entire year 2024, as DAE Capital acquired 83 aircraft, including 30 owned and 53 managed, while it sold 68 aircraft, 19 of which were owned and 49 of which were managed.
During the past year, the company signed 233 leasing, extension and modification agreements for 190 owned and 43 managed aircraft. It also signed long-term leasing agreements for 17 Boeing 737 MAX aircraft for Turkish Airlines, Eastar Jet, and Hainan Airlines.
According to the press release issued by the company, the company has also signed final agreements to purchase 36 aircraft from multiple parties, for a total amount of $1.6 billion.
An issuance of aircraft ABS asset-backed bonds was priced at a value of US$497.2 million, divided into two tranches, for the benefit of a client whose assets are managed by the company.
As for the company in the engineering department at DAE, it has recorded more than 1.5 million working hours, completed more than 300 aircraft inspections, and increased hangar capacity by 30% with the number of routes increasing to 22, including one route capable of accommodating A380 aircraft. .
The company strengthened the relationship between Joramco and Spirit AeroSystems, which also witnessed the launch of new services in 2024.
The group signed an unsecured loan worth 2.75 billion dirhams with a repayment period of 5 years with a financing body from the Gulf Cooperation Council countries.
During 2024, Fitch Credit Rating Agency raised the company’s rating to BBB, and the company’s rating also rose to Baa2, according to Moody’s Investors Services.
Fairouz Tarapore, CEO of DAE, said that during the year 2024, the company was able to implement its strategy to the fullest in light of its continuous efforts to enhance its global presence, and the results announced today confirm DAE’s position as a leading company in the field of aviation services, with the support of… Two leading divisions in the market are Dubai Aerospace Enterprise Capital, one of the ten largest aircraft leasing companies in the world, and Dubai Aviation Engineering Industries.
He pointed out that the company’s achievements were appreciated by Fitch Credit Rating Agencies and Moody’s Investor Services.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related