Dubai Aerospace Enterprise to acquire 64 Boeing 737 Max from China firm

Dubai Aerospace Enterprise to acquire 64 Boeing 737 Max from China firm

Delivery of the aircraft is scheduled to occur between 2023 and 2026

By Isaac John Published: Mon 14 Aug 2023, 7:38 PM

Dubai Aerospace Enterprise, a leading aircraft lessor, said on Monday that it signed a definitive agreement to acquire 64 Boeing 737 Max aircraft from a subsidiary of China Aircraft Leasing Group Holdings Limited (CALC) as it seeks to add certainty to its growth trajectory.

The portfolio includes 737-8, 737-9, and 737-10 variants. Delivery of the aircraft is scheduled to occur between 2023 and 2026. Terms of the transaction were not disclosed but DAE said the “definitive agreement” covers the rights, interests, and obligations of the jets held within a wholly-owned CALC subsidiary.

Firoz Tarapore, DAE’s chief executive officer, said the transaction with CALC will increase the percentage of new technology, fuel-efficient aircraft in its owned fleet to approximately 66 per cent from 50 per cent. “This transaction will add certainty to our growth trajectory. On a pro forma basis, this transaction will increase our fleet of owned, managed, committed, and mandated-to-manage aircraft to approximately 550 aircraft, valued at approximately $20 billion, said Tarapore.

He said the transaction would also allow the lessor to further deepen its existing relationship with Boeing and CFM International.