Dubai Aerospace Enterprise (DAE) Ltd., an aviation services company, has announced its business results for 2024, highlighting significant achievements across its operating divisions.
DAE Capital acquired 83 aircraft, comprising 30 owned and 53 managed aircraft, and sold 68 aircraft, including 19 owned and 49 managed aircraft, according to a press release on the company’s website. It also signed 233 lease agreements, including new leases, extensions and amendments, covering 190 owned and 43 managed aircraft.
A key achievement was the signing of long-term leases for 17 Boeing 737 MAX aircraft with Turkish Airlines, Eastar Jet and Hainan Airlines.
The company also signed definitive purchase agreements to acquire 36 aircraft worth a combined US$1.6 billion and launched a US$497.2 million securitization transaction for an asset management client.
DAE Engineering recorded more than 1.5 million labor hours and completed over 300 aircraft checks. It expanded hangar capacity by 30% to 22 bays, including a bay capable of accommodating an Airbus A380. It also strengthened cooperation involving Joramco and Spirit AeroSystems by adding new capabilities to its facilities during the year.
At group level, DAE signed a five-year unsecured loan of AED2.75 billion with a lender in the Gulf Cooperation Council. Fitch and Moody’s upgraded its credit ratings to BBB and Baa2, respectively, reflecting strong financial performance, liquidity management and capital adequacy.
DAE Chief Executive Officer Firoz Tarapore said 2024 marked another year of successful execution of the company’s strategy to strengthen its global position. He added that the announced figures demonstrated strong performance across all operating divisions, reinforcing DAE’s position as a global aviation services company supported by DAE Capital and DAE Engineering.
He noted that the credit rating upgrades achieved during 2024 reflected the company’s firm commitment to capital adequacy and exceptional liquidity, as well as investor confidence in its financial and management capabilities.
Dubai Aerospace Enterprise is a global aviation services company with two main divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, it serves more than 170 airline customers in over 65 countries.
DAE Capital owns and manages a fleet of 500 aircraft valued at US$18 billion. DAE Engineering provides maintenance, repair and overhaul services from its facilities in Amman, Jordan, which accommodate 17 narrow-body and wide-body aircraft and hold regulatory approvals from more than 25 international authorities.
Read the announcement on Dubai Aerospace Enterprise’s website: https://dubaiaerospace.com/2025/01/02/dae-announces-full-year-2024-business-and-operational-highlights/
