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Dubai’s DAE announces $500m deal to sell nine aircraft

Dubai’s DAE announces $500m deal to sell nine aircraft

Post-pandemic market for trading aircraft assets is ‘robust’, according to CEO Firoz Tarapore Dubai Aerospace Enterprise (DAE) Ltd is to sell nine narrow and wide-body aircraft worth $500 million. The Middle East’s largest plane lessor announced the agreement on Tuesday, with the sale expected to close this year. Firoz Tarapore, chief executive officer of DAE,

Post-pandemic market for trading aircraft assets is ‘robust’, according to CEO Firoz Tarapore

Dubai Aerospace Enterprise (DAE) Ltd is to sell nine narrow and wide-body aircraft worth $500 million.

The Middle East’s largest plane lessor announced the agreement on Tuesday, with the sale expected to close this year.

Firoz Tarapore, chief executive officer of DAE, said: “The post-pandemic market for trading aircraft assets is robust. These transactions demonstrate DAE’s ability to originate and trade aircraft assets with a lease attached from high quality airline credits.”

DAE signs agreements to sell aircraft valued at US$500 millionhttps://t.co/c92Z2xfbLm— DAE (@dubaiaerospace) July 6, 2021

In February, DAE revealed profits for last year of $584m, down over 26 percent from the $791.7m reported in 2019.

In a business update for the first half of the year, DAE reported that 16 aircraft had been acquired and 16 sold. The company has also signed 27 underwriting aircraft purchase agreements so far this year.

DAE’s aircraft leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding $16bn.

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