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DAE gets $750m liquidity boost from Emirates NBD

Aircraft lessor Dubai Aerospace Enterprise turned profitable in 2023 DAE
Aircraft lessor Dubai Aerospace Enterprise turned profitable in 2023

Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured AED2.75 billion ($750 million) in funding from Dubai-listed Emirates NBD.

The five-year unsecured term loan will be used for general corporate purposes and to support the company’s financing requirements, the aircraft lessor said in a statement.

“The AED-denominated loan will serve to strengthen our exceptional liquidity further,” said DAE chief executive Firoz Tarapore.

Last month DAE signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion.

DAE turned profitable in 2023 after it received a settlement of over $118 million for seven aircraft leased to Russia’s Aeroflot airline.

The company’s order book stands at 64 after 150 lease agreements, extensions and amendments were signed last year.

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