American airlines
American Airlines is taking in 18 737 MAX 8 aircraft, a much needed booster for Boeing after all the problems it has had with the model. Image Credit: AP

Dubai: Dubai Aerospace Enterprise (DAE) on Monday said it has “substantially” completed the agreement with American Airlines to lease 18 new Boeing 737 MAX 8 aircraft.

“This transaction reflects our agility, our balance-sheet strength, our underwriting capability, our ability to assist one of our long-term customers and our belief in the product strength of the 737 MAX 8 aircraft,” said Firoz Tarapore, CEO of DAE, in a statement.

DAE had previously told Gulf News that it was in talks with airlines about leasing the MAX 8 aircraft in its fleet - days after UAE’s aviation regulator lifted its ban on the airplane. The Dubai-based aircraft lessor has 20 Boeing 737 MAX 8 aircraft with operators.

“DAE is putting their purchasing strategy and growth plan in action and helping operators during this challenging time in our industry,” said Ihssane Mounir, Senior Vice-President of Commercial Sales and Marketing of Boeing.