Transport Dubai Aerospace Enterprise to buy 64 Boeing 737 Max By Pramod Kumar August 15, 2023, 7:33 AM Dubai Media Office The transaction will increase DAE’s fleet to 550 aircraft, valued at $20 billion Global aviation services company is aircraft leasing major Acquisition will increase fuel-efficiency of fleet Dubai Aerospace Enterprise said an affiliate has signed an agreement to acquire the rights and interests of a portfolio of 64 Boeing 737 Max aircraft from a subsidiary of China Aircraft Leasing Group Holdings. The global aviation services company – which is one of the largest aircraft leasing companies in the world – said the portfolio includes 737-8, 737-9 and 737-10 variants. The delivery of the aircraft is scheduled between 2023 and 2026. Financial terms of the transaction were not disclosed. Dubai Aerospace Enterprise signs $800m unsecured term financings Boeing raises 20-year outlook for new jetliners “The transaction will increase the percentage of fuel-efficient aircraft in our owned fleet to 66 percent from 50 percent,” said DAE’s chief executive Firoz Tarapore. It will further increase DAE’s fleet of aircraft to 550, valued at $20 billion. “We look forward to growing this relationship even further in the coming years,” Tarapore added. Nearly 20 percent of the acquired portfolio is on lease to airline clients; some are DAE’s existing clients. “The remainder of the acquired portfolio of assets will be placed directly by DAE in the coming quarters,” the CEO said. The transaction is expected to be closed in the third quarter of 2023. It is likely to have no impact on the company’s capital adequacy, liquidity and funding ratios. Last December DAE signed unsecured-term financing for $800 million, which was underwritten by a “leading bank in the region”.
