Aircraft leasing company Dubai Aerospace Enterprise (DAE) has secured AED2.75 billion ($750 million) in funding from Dubai-listed Emirates NBD.
The five-year unsecured term loan will be used for general corporate purposes and to support the company’s financing requirements, the aircraft lessor said in a statement.
“The AED-denominated loan will serve to strengthen our exceptional liquidity further,” said DAE chief executive Firoz Tarapore.
Last month DAE signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion.
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DAE turned profitable in 2023 after it received a settlement of over $118 million for seven aircraft leased to Russia’s Aeroflot airline.
The company’s order book stands at 64 after 150 lease agreements, extensions and amendments were signed last year.
Source: Trade Finance
