Skip to content Skip to Search
Skip navigation

Dubai Aerospace Enterprise signs $800m unsecured term financings

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

Saudi Arabia sold three sukuk tranches of $1.25 billion, $1.5 billion and $2.25 billion

Saudi Arabia’s new sukuk order book hits $20bn

Order books for Saudi Arabia’s $5 billion Islamic bond (sukuk) reached $20 billion, according to news report. The kingdom, the world’s top oil exporter, sold tranches of $1.25 billion, $1.5 billion and $2.25 billion, reported IFR, a London Stock Exchange Group publication. The bonds have durations of three, six and 10 years, respectively. Spread on […]

As part of the agreement, Lenovo will establish its Middle East and Africa headquarters in Saudi Arabia

China’s Lenovo issues $2bn bonds to repay Saudi Alat debt

China’s Lenovo Group has issued $2 billion in convertible bonds to Alat, a Public Investment Fund (PIF)-backed technology manufacturing company, to repay its existing debt and boost working capital. As part of the agreement, the Hong Kong-headquartered personal computer maker will open a new PC and server manufacturing facility and establish its Middle East and Africa […]

Adnoc Distribution plans to open 15 to 20 new fuel stations this year

Adnoc Distribution targets 200 EV stations this year

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […]

A UBS report shows wealthy Latin American families are more likely to invest in the Middle East than US or European counterparts

Wealthy Latin Americans more likely to invest in Middle East

Wealthy Latin American families were more present as investors in the Middle East than those from other parts of the world in 2023, a global banking report says, but overall numbers are low and down from 2022.  UBS bank’s Global Family Office Report for 2024 showed that Latin American families had placed 2 percent of […]