DAE purchases 9 aircraft, leases 26 in second quarter

Dubai: Dubai Aerospace Enterprise (DAE) said on Thursday it purchased nine aircraft and completed 26 leasing transactions during the second quarter of 2018.

In a statement on operational and strategic performance during the quarter, DAE said it sold 16 aircraft portfolio valued at around $900 million to three parties. The aircraft leasing company also signed an unsecured revolving credit facility worth up to $800 million.

In terms of deliveries, DAE delivered the first of five Boeing 737 MAX aircraft to Brazil’s GOL, and delivered the first two of five Boeing 787-9 Dreamliners to Gulf Air.

At the end of the quarter, DAE’s fleet of owned, managed, and committed aircraft was at 375.

The company also appointed David Houlihan to the newly-created role of president of DAE Capital.

In May, DAE told Reuters it was in talks to buy 400 aircraft from Airbus and Boeing, in an investment valued at $40 billion (Dh146.8 billion) in total. The company said it is interested in buying single-aisle Airbus A320neo aircraft and Boeing 737 MAX aircraft, following its acquisition last year of Dublin-based lessor AWAS, Reuters reported.

DAE is yet to disclose its financial results.