DAE Signs Agreement with Us Export-Import Bank for 10 Aircraft.
Wednesday, 29 April 2009
Dubai, DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has secured a financing commitment with the Export-Import Bank of the United States (Ex-Im Bank) worth over US$500 million.
Dr. Omar Bin Sulaiman, DAE Group Managing Director, said: “This is a successful financing deal for DAE Capital. It demonstrates the increasing level of trust in the division as a world class aircraft leasing business and a business partner.” He added: “In the current economic environment, leasing has become the most significant growth area in the civil aviation industry. Our aim is to play a more significant role in this area and contribute to the long-term sustainably of the industry”.
The financing deal between Ex-Im Bank and DAE Capital supports the delivery of 10 aircraft by guaranteeing commercial loans or providing the loan itself. The aircraft will be allocated for purchase and leaseback agreements with Emirates Airlines and Garuda Indonesia.
Bob Genise, CEO of DAE Capital, said: “Based on our strategy and on-going business growth, we are able to provide aircraft leasing services to our clients”, he also added “the finance deal supported by Ex-Im Bank represents our good relationship and continuous support from bankers.”
"Ex-Im Bank is pleased to assist in the financing of 10 Boeing aircraft to DAE. Operating lessors such as DAE are playing an increasingly important role as purchasers of U.S.-manufactured aircraft, and Ex-Im Bank's support for these transactions is a natural response to the changing market. Aircraft exports supported by this financing will help to maintain jobs in the U.S. aerospace industry at Boeing, General Electric, CFM International Inc., and their many suppliers throughout the United States," said Ex-Im Bank Board Member Bijan R. Kian.
DAE Capital an established Dubai headquartered company is rapidly growing as a world-class aircraft leasing business. Its fleet currently comprises of 34 single aisle and wide-body aircraft. Furthermore, it has 27 aircraft contracted on a purchase and leaseback basis. DAE Capital has committed to invest in a fleet portfolio with an estimated market value of $27 billion that will gradually encompass 100 Airbus A320 family and A350 XWB aircraft, and 100 Boeing 737 Next Generation aircraft and wide-body planes, which will commence delivery in 2010.
Press Release (Dubai Aerospace Enterprise)