Dubai Aerospace Enterprise (DAE) reported acquiring 83 aircraft during 2024, comprising 30 owned and 53 managed, while selling 68 aircraft, including 19 owned and 49 managed.
DAE finalised 233 lease agreements, extensions and amendments in 2024, covering 190 owned and 43 managed aircraft. Among its notable leasing activities, the company placed 17 Boeing 737 MAX aircraft on long-term lease agreements with Turkish Airlines, Eastar Jet and Hainan Airlines.
In addition, DAE signed definitive purchase agreements to acquire 36 aircraft from various counterparties, with a combined value of $1.6 billion. The company also issued a two-tranche aircraft asset-backed securities (ABS) bond worth $497.2 million, benefiting one of its managed asset clients.
The engineering division of DAE recorded over 1.5 million man-hours, performed more than 300 aircraft checks, and expanded its hangar capacity by 30%, increasing the number of bays to 22, including a bay capable of servicing Airbus A380 aircraft. The division also strengthened partnerships with Joramco and Spirit AeroSystems, launching new services during the year.
On the financial side, DAE secured a Dh2.75 billion five-year unsecured term loan from a GCC lender. Additionally, Fitch Ratings and Moody’s Investors Service upgraded the company’s credit ratings to BBB and Baa2, respectively, reflecting its strong financial position.
“2024 was another year of exemplary execution of our strategy to continually enhance our global presence,” said Firoz Tarapore, CEO of DAE. “The results we announced today confirm DAE’s position as a leader in aviation services, supported by two market-leading divisions: DAE Capital, one of the top ten global aircraft lessors, and DAE Engineering, the region’s preferred independent airframe MRO provider.”
