233 Leasing, Extension, and Modification Agreements
Dubai Aerospace Enterprise (DAE) announced today its full-year 2024 financial and operational results.
DAE Capital acquired 83 aircraft, 30 owned and 53 managed.
It also sold 68 aircraft, 19 owned and 49 managed.
During the past year, the company signed 233 leasing, extension, and modification agreements for 190 owned and 43 managed aircraft.
As well as long-term lease agreements for 17 Boeing 737 Max aircraft with Turkish Airlines, Eastar Jet, and Hainan Airlines.
Dubai Aerospace Enterprise has also signed final agreements to purchase 36 aircraft from multiple parties for a total amount of $1.6 billion.
A $497.2 million ABS aircraft asset-backed securities issuance was priced in two tranches on behalf of one of the company’s managed asset clients.
Dubai Aerospace Enterprise Engineering Division Achievements
For the Engineering Division of DAE, the company recorded over 1.5 million work hours.
It also completed over 300 aircraft inspections and increased hangar capacity by 30%.
Raising the number of bays to 22, including one capable of accommodating A380 aircraft.
DAE strengthened the relationship between Joramco and Spirit AeroSystems, which also launched new services in 2024.
The group signed an unsecured loan of AED 2.75 billion with a five-year repayment period with a GCC financial institution.
The UAE has continued to achieve qualitative achievements in the industry and advanced technology sector, which has witnessed exceptional growth over the past four years under the umbrella of the National Strategy for Industry and Advanced Technology “Project 300 Billion” and has… pic.twitter.com/VRTdeSgM4a
— UAE Voice (@uae_voiceeng) January 1, 2025
Global Rating for 2024
During 2024, Fitch Ratings upgraded the company’s rating to BBB.
While Moody’s Investors Service upgraded the company’s rating to Baa2.
Firoz Tarapore, CEO of Dubai Aerospace Enterprise, stated that the company successfully implemented its strategy in 2024.
Continuously striving to enhance its global presence.
The announced results confirm DAE’s position as a leading aviation services company supported by two market-leading divisions:
DAE Capital, one of the world’s top ten aircraft leasing companies, and DAE Engineering.
He pointed out that the company’s achievements were recognized by both Fitch Ratings and Moody’s Investors Service.
