DAE's setting up another round of strategically timed fleet expansion through the latest deal. Image Credit: Supplied

Dubai: The aircraft lessor Dubai Aerospace Enterprise (DAE) has completed the acquisition of SKY Fund I Irish Ltd. and its subsidiaries. The latter owns - and committed to own - 36 aircraft on lease to 14 airline customers in 11 countries. The new aircraft represent more than 90 per cent of the acquired portfolio.

Following the acquisition, DAE Capital’s fleet of owned, managed, committed, and mandated-to-manage aircraft will grow to around 500 aircraft. The owned portfolio will comprise of nearly 50 per cent of ‘fuel-efficient, next generation aircraft’.

“This acquisition supports our continued growth and furthers our commitment to invest in new technology aircraft, reducing the emissions intensity of our overall fleet,” said DAE’s CEO Firoz Tarapore.

DAE serves over 170 airlines in 60 plus countries from offices in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.

DAE Capital, which is the aircraft lessor and financier, has a fleet of around 475 Airbus, ATR and Boeing aircraft with a value of $17 billion plus. The other division, DAE Engineering, provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its facility in Amman, Jordan, accommodating up to 17 wide- and narrow-body aircraft.