Dubai Aerospace Enterprise Ltd (DAE) today announced that it has signed a US$420 million 5-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited (CCB).
“We are delighted to announce this transaction, reflecting a further deepening of an already strong relationship with the DIFC Branch of one of the world’s leading banking organisations,” said Firoz Tarapore, Chief Executive Officer of DAE.
The loan is expected to “further strengthen” the company’s liquidity, which stood at $4.1 billion at the end of 2023.
Last year, DAE acquired 20 aircraft and signed 150 lease agreements, extensions, and amendments. The company also booked around 1.5 million man-hours and performed 316 checks.
“CCB DIFC Branch is delighted to collaborate again with DAE, a globally significant enterprise in the aviation sector,” said Yuan Shengrui, Senior Executive Officer at China Construction Bank (DIFC Branch).
Daphne Wat, Deputy Chief Executive at China Construction Bank (Asia) Corporation Limited, added, “DAE is one of the top players in global aviation industry. We are honoured to have supported DAE as the Global Coordinator of this landmark transaction.”
