DAE buys 80% stake of Joramco from Abraaj

Dubai: Dubai Aerosapce Enterprise (DAE), the Middle East aircraft lessor, said on Tuesday that it is acquiring 80 per cent of Jordanian aircraft maintenance company Joramco from The Abraaj Group. The acquisition comes as DAE seeks to rebuild its business after it sold off assets following the financial crisis in 2008. The value of the acquisition was not given in a statement announcing the deal. State-owned Royal Jordanian owns 20 per cent of Joramco.