Skip to content Skip to Search
Skip navigation

Dubai Aerospace Enterprise signs $800m unsecured term financings

By Gavin Gibbon
DAE DAE
Dubai Aerospace Enterprise president says previously travel shy ‘Irish granny’ could be the industry's ‘canary in the coal mine'

Global aviation services company Dubai Aerospace Enterprise (DAE) Ltd has signed a new senior unsecured term financings for a total of $800 million.

The term financings have a weighted average maturity of 5.5 years in two transactions and were each underwritten by a “leading bank in the region”, according to a statement on Tuesday.

Firoz Tarapore, chief executive officer of DAE, said: “The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet. We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment.”

Earlier this year DAE announced that profit before exceptional items had increased 125 percent year-on-year to $203.6 million, with cash flow from operating activities up 20 percent to $956.6 million.

In December, DAE revealed that its board of directors and shareholders had authorised an additional $300 million for bond repurchases to be conducted through open market transactions.

To date, DAE has repurchased approximately $815 million of principal amount of its publicly traded bonds under the previous authorisations of $900 million. DAE now has $385 million of available authority to repurchase bonds.

DAE currently has $3.2 billion of publicly traded bonds outstanding in the capital markets.

Latest articles

The SPA report highlighted a number of metrics as being on target, including home ownership of 53.7 percent

Third of Vision 2030 projects ‘completed’ government says

One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme.   The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […]

Tawfik Alzaidi

Saudi director’s labour of love takes the kingdom to Cannes

For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […]

Migrants attempting to reach Italy from Tunisia. About 270,000 so-called irregular migrants arrived in the EU via sea crossings last year

EU reveals total aid to North Africa to combat migration 

The European Union provided €673 million ($718 million) in funding to four North African countries from 2021-23 to help the quartet reduce what it calls irregular migration to the 27-member bloc, official data shows. Last year about 270,000 “irregular migrants” arrived in the EU via sea crossings, 64 percent more than in 2022. Crossings from […]

Traffic on Fourth Street, Abu Dhabi. The Yahsat and Bayanat merger could help bring self-driving cars to the emirate

UAE merger creates world’s most valuable listed space company

The world’s most valuable publicly listed space company has been created after shareholders of analytics provider Bayanat and “satellite solutions” company Al Yah Satellite Communications Company (Yahsat) agreed to a merger. The deal will help to further Abu Dhabi’s ambitions to be at the centre of the drive towards autonomous vehicles. The newly created Space42 […]