Transport Dubai Aerospace Enterprise buys 23 aircraft for $1.1bn By Pramod Kumar August 28, 2024, 11:49 AM Dubai Aerospace Enterprise The deal will add six new airline customers and support the growth of the next-generation fuel-efficient fleet, said CEO Firoz Tarapore Dubai Aerospace Enterprise Limited, a global aviation services company, has acquired 23 aircraft from multiple companies for $1.1 billion. The company’s aircraft portfolio will have an average age of 3.4 years and an average lease term remaining of 8.8 years on completion of the deal by year-end. These jets are on lease to 13 airlines in 9 countries. The portfolio includes 91 percent narrowbody aircraft by value and 86 percent next-generation technology aircraft. NewsletterGet the Best of AGBI delivered straight to your inbox every week CEO Firoz Tarapore said the deal will add six new airline customers and support the growth of the next-generation fuel-efficient fleet. In July, the company, wholly owned by the Investment Corporation of Dubai, reported a 6 percent year-on-year increase in net profit to $149 million. Revenue stood at $679 million compared with $670 million a year ago. Its fleet reached 489 aircraft by the end of the first half of 2024, compared with 493 as of December 31, 2023. In August 2023, Dubai Aerospace Enterprise said an affiliate 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.
