Dubai Aerospace Enterprise to lease aircraft to Libyan start-up

Dubai

Dubai Aerospace Enterprise (DAE) will lease two Airbus A319 aircraft to Libyan Wings, a Tripoli based start-up airline, the company announced on Tuesday.

The A319s, on a long-term lease, will be delivered later this year.

The DAE statement follows a report from Bloomberg earlier this month that said Libyan Wings had leased two A320s from DAE and one A319 GE Capital Aviation Services at prices ranging from $185,000 to $260,000 a month for each plane.

Libyan Wings plans to operate 10 leased aircraft in five years, according to the Bloomberg report.

DAE and Libyan Wings could be reached for comment on Tuesday; however, the announcement follows a February order by DAE for 20 turboprop commercial aircraft from French-Italian manufacturer ATR, with an option for a further 20.

DAE is taking steps to be a major player in the aircraft leasing market following a shaky past couple of years after the global financial crisis.

The company is considering raising as much as $1.2 billion to fund aircraft purchase and meet debt requirements, according to another Bloomberg report.

Last month, DAE reported a net profit of Dh410 million ($111.6 million) for 2013.