Saudia to add four Boeing 777 freighters through new DAE deal

Dubai: Dubai Aerospace Enterprise (DAE) has signed a purchase and leaseback agreement with Saudi Arabia’s national airline Saudia for four new Boeing 777F freighter aircraft, as the carrier expands its cargo operations.

Under the deal, DAE will purchase the aircraft and lease them to Saudia on a long-term basis. Deliveries are scheduled between October 2026 and May 2027.

The agreement gives Saudia access to four new long-range widebody freighters without purchasing and retaining ownership of the aircraft directly, while DAE adds the aircraft to its growing leasing portfolio.

Firoz Tarapore, CEO of DAE, said, "This transaction reflects our continued commitment to supporting our airline customers with high-quality, in-demand aircraft.”

“These aircraft will support the airline’s expanding cargo operations and enhance its ability to serve key markets across its global network,” he said.

The deal will support Saudia’s expanding cargo operations and increase the aircraft available to serve markets across its international network.

What is the Boeing 777F?

The Boeing 777F is a long-range, widebody freighter designed to carry large cargo loads across global markets.

According to DAE, the aircraft offers strong payload capability, operational efficiency and reliability, and is widely used by leading cargo operators worldwide.

The four aircraft will join Saudia's cargo operations as the airline expands its ability to serve markets across its global network..

The Saudia transaction comes as DAE continues to expand its position in the global aircraft leasing market.

DAE recently completed its US$9 billion acquisition of Macquarie AirFinance, a deal that strengthened its position as the world's third-largest aircraft lessor.

The acquisition expanded DAE's total owned, managed and committed portfolio to approximately 1,000 aircraft leased to more than 175 airlines globally.

DAE said it currently owns, manages and is committed to own more than 1,000 aircraft, including over 250 Boeing aircraft, and plans to continue expanding its fleet to meet market demand.

The company has also launched multi-billion-dollar strategic leasing programmes with institutional investors including Blackstone Credit and Neuberger Berman.

Leasing business expands

DAE's latest financial results show the scale of its aviation leasing operations.

For the first half of 2026, DAE reported $865.9 million in total revenue, up from $843.6 million during the same period a year earlier.

Profit before tax and exceptional items increased to $229.9 million, giving the company a pre-tax profit margin of 26.6 per cent. Its total liquidity stood at $4.37 billion, with DAE reporting a liquidity coverage ratio of 1,202 per cent.

Alongside its aircraft leasing operations, DAE has been expanding its aircraft maintenance business through its engineering division, led by Amman-based Joramco.

Joramco has secured long-term maintenance agreements covering both narrowbody and widebody aircraft.

Its agreements include an extension to provide heavy maintenance for Emirates' Boeing 777 fleet through 2028, as well as expanded C-check and painting work for IndiGo's Airbus A320neo fleet.

The MRO business has also expanded its regional customer base, signing heavy-check maintenance agreements with Air Samarkand and FLYONE Asia and expanding its cargo-servicing work with Mexican carrier mas.

DAE said its forward winter maintenance pipeline remains strong despite regional airspace disruptions.