Dubai Aerospace Enterprise bought 83 aircraft and signed 233 lease deals in 2024
Dubai Aerospace Enterprise (DAE), an airplane leasing company, added 83 aircraft and made 233 lease deals in 2024 due to high demand for its services, the company announced on Thursday.
Aircraft Purchases and Business Activities
DAE strengthened its global business by adding both new and used aircraft to its portfolio. Last year, the company acquired 30 owned aircraft and 53 managed aircraft.
DAE also agreed to buy 36 aircraft from various sellers for a total cost of $1.6 billion.
In 2024, DAE completed 233 lease deals, including new leases, extensions, and amendments, showing its strong collaboration with airlines around the world.
The company sold 68 aircraft during the year—19 owned and 49 managed. It also leased 17 Boeing 737 Max planes to Turkish Airlines, Eastar Jet, and Hainan Airlines on long-term contracts.
DAE Engineering, the company’s maintenance and repair division, had a strong year, logging over 1.5 million hours of work and completing more than 300 aircraft inspections.
Background Information
In August, DAE bought 23 airplanes from different sellers for about $1.1 billion. The planes are, on average, 3.4 years old and have 8.8 years left on their leases. The fleet is leased to 13 airlines in nine countries. Most of the planes (91% by value) are narrow-body models, and 86% use next-generation technology.
DAE’s revenue for the first half of 2024 increased by 1.4% compared to last year, reaching $679.2 million.
In April, DAE took a five-year loan of $750 million (AED 2.75 billion) from Emirates NBD to fund general business needs and future projects. Before this, in March, DAE secured another five-year loan of $420 million from China Construction Bank’s DIFC branch and China Construction Bank (Asia) Corporation Limited.
Published: 3rd January 2025
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