DAE expands portfolio with 18 freighters

Dubai: Dubai Aerospace Enterprise (DAE) said it is expanding its aircraft leasing portfolio with the acquisition of 18 Boeing freighter aircraft.

DAE Capital, the group's aircraft leasing and financing business, will acquire the new freighter aircraft in a split purchase and leaseback deal.

The aircraft, which will be acquired from Emirates airline, comprises 10 Boeing 747-8Fs and eight GE90-115B powered Boeing 777 freighter aircraft.

This agreement will increase DAE Capital's leasing portfolio to 49 aircraft and with a further 200 Boeing and Airbus aircraft on order, due for delivery between 2010 and 2013, the Dubai company hopes to establish itself as a leading aircraft leasing business.

Indicator

"This latest deal is the clearest indication yet that we are on course for developing a world-class aircraft leasing and finance operation. With our location in Dubai, an experienced team and our resources, we will seize upon the significant aviation growth in the region and in other developing markets," DAE group managing director Omar Bin Sulaiman said in a statement.

Tim Clark, president of Emirates airline, said the agreement will help Emirates to operate its fleet with maximum utility.

DAE Capital aims to become one of the largest aircraft leasing companies in the Middle East serving an international market.

The company earlier signed a contract for the purchase of 30 Airbus A350-900 and 70 Airbus A320 aircraft.

The contract follows a memorandum of understanding signed at the Dubai Air Show in November last year.