DAE Announces Full Year 2024 Business and Operational Highlights

Dubai Aerospace Enterprise (DAE) Ltd (“DAE”), the global aviation services company, today reported its business transactions update for the full year 2024.

DAE Capital:
• Acquired 83 aircraft (owned: 30; managed: 53)
• Sold 68 aircraft (owned: 19; managed: 49)
• Signed 233 lease agreements, extensions and amendments (owned: 190; managed: 43)
• Placed on long-term lease 17 Boeing 737 MAX aircraft to Turkish Airlines, Eastar Jet, and Hainan Airlines.
• Signed definitive purchase agreements to acquire 36 aircraft from multiple counterparties for an aggregate consideration of US$1.6 billion.
• Priced a US$497.2 million two-tranche aircraft ABS for a DAE managed asset client.

DAE Engineering:
• Booked >1.5 million man-hours
• Performed >300 aircraft checks
• Increased hangar capacity by 30% by expanding the number of bays to 22, including one A380 capable bay.
• Deepened Joramco and Spirit AeroSystems relationship by adding further new shop capabilities in 2024.

Group:
• Signed an AED 2.75 billion 5-year unsecured term loan with a GCC lender.
• Upgraded by Fitch Ratings and Moody’s Investors Services to BBB and Baa2, respectively.

Commenting on the results, Firoz Tarapore, Chief Executive Officer of DAE, said: “2024 was another year of exemplary execution of our strategy to continually enhance our global franchise. The metrics we announced today reaffirm DAE’s status as a leading aviation services corporation, supported by two market-leading divisions: DAE Capital, a global top ten aircraft lessor, and DAE Engineering, the region’s independent airframe MRO of choice.

This was recognized during the year by both Fitch Ratings and Moody’s Investors Service, who both upgraded our unsecured credit ratings because of exemplary financial prudence including rock-solid commitments to capital adequacy and maintenance of exceptional liquidity.”