DAE completes 15 leasing deals in first quarter

Aerospace company also purchases 6 new aircraft in the period

Dubai Aerospace Enterprise (DAE) said it completed 15 aircraft leasing transactions in the first quarter of 2018 and purchased six new aircraft. The company said it has a total of 382 owned, managed and committed aircraft in its fleet, and 111 customers across the world.

In a statement yesterday, DAE did not provide financial details and only provided operational and strategic highlights of the first quarter of the year.

By the end of the quarter, DAE said it had 17 committed pipeline units and 10 committed purchase lease-back units in place.

It added that the average lease term remaining on owned fleet is around six years.

Away from operational performance, DAE appointed Abdul Malek Murad in the first quarter of 2018 as chief operating officer for its engineering division, Joramco. It also launched a thirdparty aviation asset management unit, DAE Aircraft Investor Services, with targets of $5 billion (Dh18.36 billion) in assets under management.

The unit will service debt and equity investors in aviation assets and will provide asset management solutions to investors.

After completing the acquisition of the AWAS group of companies in August 2017, DAE Capital completed an operational integration with AWAS in the first quarter of 2018.