Firoz Tarapore
Firoz Tarapore, chief executive officer of DAE Image Credit: Gulf News Archives

Dubai: Dubai Aerospace Enterprise (DAE) announced on Monday it has signed a $300-million (Dh1.1 billion), five-year unsecured financing facility with Emirates Islamic and Emirates NBD Capital, the investment banking arm of Emirates NBD.

The dual tranche facility will include a conventional and an Islamic tranche, and can be upsized to $600 million. DAE said the financing will support the future needs of the business.

Firoz Tarapore, chief executive officer of DAE, said the agreement will help diversify the company’s pool of liquidity. Meanwhile, Emirates Islamic said it is committed to supporting the growth of prominent local companies in the country such as DAE.

DAE in late January this year signed another deal for a $300-million unsecured loan with China Construction Bank DIFC Branch and China Construction Bank Corporation Limited. The principal amount of that four-year loan could be increased to $500 million.

Ratings agency Moody’s last week upgraded the corporate family rating of DAE to Baa3 from Ba1, adding that its outlook for the company is stable. The rating makes DAE an investment-grade company.