Arabic Press Release
13th November , 2007
AIRCRAFT ACQUISITION SIGNALS TRIPLING OF
LEASING FLEET FOR DAE
Aerospace conglomerate acquires 20 aircraft in GECAS deal
Dubai Aerospace Enterprise (DAE), the global aerospace, manufacturing and services corporation, has signed a US$1billion 20-aircraft deal to triple the size of its aircraft leasing business.
DAE Capital, the group’s aircraft leasing, financing and insurance company, completed the acquisition of 20 wide and narrow-body aircraft from GE Commercial Aviation Services (GECAS).
The deal comprises Boeing 737 next generation series and Airbus A320 series aircraft. It incorporates 11 customers from 10 countries, and marks a key phase in DAE’s business strategy to become one of the largest aircraft leasing companies in the Middle East.
It comes after DAE Capital also completed its first aircraft acquisition with the US$500 million purchase of eight wide-body Airbus A330-200 aircraft from Emirates Airline in a split purchase and leaseback deal.
Bob Johnson, DAE Group CEO, commented: “DAE Capital has become an aircraft leasing and finance provider that has made the world sit up and take note. We are tangibly fulfilling our aim of rapidly build a world-class global aerospace, manufacturing and services enterprise.”
Bob Genise, DAE Capital CEO, said: “In a short time we have assembled a first-class aircraft leasing and finance team and in 24 hours have kick-started our entry into the marketplace. The GECAS portfolio is the next phase of our development and strategy to help meet the incredible demand for new aircraft, particularly in the Middle East and Asia.”
Norman C.T. Liu, Executive Vice President, Commercial Operations for GECAS Limited, added: “"GE has a long, deep and mutually beneficial relationship with Dubai. We therefore are pleased to conclude this transaction with DAE."
DAE Capital has recruited an experienced team and is intent on driving a rapid growth strategy for offering aircraft leasing, financing and insurance services. It is also uniquely able to provide advanced value-added services in conjunction with other DAE business units.