Dubai Aerospace Enterprise - Aerospace Industry Headlines

13th November , 2007

DAE ENTERS AIRCRAFT LEASING BUSINESS WITH EMIRATES AIRCRAFT ACQUISITION

Company lands eight A330s in Emirates deal

DUBAI AIRSHOW 2007, U.A.E. - Dubai Aerospace Enterprise (DAE), the global aerospace, manufacturing and services corporation, has kick-started its entry into the aircraft leasing business with a US$500 million purchase of eight Airbus aircraft from Emirates Airline.

Fuelling its ambitions to quickly become a serious competitor in the aircraft leasing sector, DAE Capital has acquired eight of Emirates wide-body Airbus A330-200s in a split purchase and leaseback deal.

The deal was confirmed today (Monday) by DAE Capital, the group’s aircraft leasing, financing and insurance business, at the Dubai Airshow.

Dubai-headquartered DAE Capital aims to rapidly establish itself as a world-class aircraft leasing business.

Bob Johnson, DAE Group CEO, said: “This deal represents a clear statement of our intent to develop a world-class aircraft leasing and finance business. Our location in Dubai, our team and our resources will together ensure we seize upon the significant aviation growth in the region and in other developing markets.”

Bob Genise, DAE Capital CEO, said: “This announcement marks a key milestone for our aircraft leasing and finance arm of DAE. With an experienced leasing team possessing 100 years of combined experience, we have what it takes to develop a significant global aircraft leasing and finance business from a standing start. There is much more to come as we seek to build one of the world’s biggest aircraft leasing businesses.”

Tim Clark, President of Emirates Airline, said: “DAE Capital has the credentials and vision to meet the demands of global aviation leasing industry. This deal is a win-win for both companies and establishes a commercial link between two businesses that have significant ambitions in the aerospace sector. DAE offers a unique proposition of value-added services in conjunction with its other business units and I have no doubt this will enable DAE Capital to become one of the largest and most valued aircraft leasing companies in the region, if not the world.”