Dubai Aerospace Enterprise Announces Prominent Results for 2024 Business and Operations
Dubai Aerospace Enterprise (DAE), a global leader in aviation services, has unveiled its business and operational results for the year 2024, marking a year of strategic growth and exceptional performance.
DAE Capital Highlights
In 2024, DAE Capital, the aircraft leasing arm of DAE, made significant strides in expanding its portfolio and strengthening its market position:
- Acquired 83 aircraft (30 owned and 53 managed)
- Sold 68 aircraft (19 owned and 49 managed)
- Signed 233 leasing, extension, and amendment agreements (190 for owned aircraft and 43 for managed aircraft)
- Secured long-term leases for 17 Boeing 737 MAX aircraft with Turkish Airlines, Eastar Jet, and Hainan Airlines
- Finalized agreements to purchase 36 aircraft for US$1.6 billion from multiple sellers
- Issued a US$497.2 million aircraft Asset-Backed Security (ABS) issuance for a client under DAE’s asset management
Engineering Department Achievements
DAE's Engineering Department has also made remarkable contributions to the company’s success in 2024:
- The department recorded more than 1.5 million man-hours
- Completed over 300 aircraft inspections
- Increased hangar capacity by 30%, expanding the number of lanes to 22, including one lane specifically designed to accommodate A380 aircraft
- Strengthened the partnership between Joramco and Spirit AeroSystems, resulting in the launch of new services in 2024
Group Milestones
DAE’s overall growth was further supported by key financial milestones:
- Signed an unsecured loan agreement worth AED 2.75 billion with a 5-year repayment period from a Gulf Cooperation Council-based financing entity
- Secured credit rating upgrades, with Fitch Ratings increasing DAE’s rating to BBB and Moody’s Investors Service upgrading the company’s rating to Baa2
Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, stated, “In 2024, we executed our strategy with precision, further expanding our global footprint. These results solidify DAE’s standing as a leading aviation services provider, supported by our two market-leading divisions: DAE Capital, one of the top ten aircraft leasing companies globally, and DAE Engineering, the region’s preferred independent MRO provider.”
Tarapore continued, “The credit rating upgrades from Fitch Ratings and Moody’s Investors Service are a testament to our efficient financial management, strong capital adequacy, and significant liquidity, ensuring a stable future for DAE.”
