Dubai Aerospace secures $420m from Chinese lenders

Dubai Aerospace secures $420m from Chinese lenders

Aircraft lessor Dubai Aerospace Enterprise (DAE) has signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion. The DIFC branch of China Construction Bank and China Construction Bank (Asia) Corporation offered the loan facility. “This term loan will serve to further strengthen our already exceptional liquidity, which stood at […]Aircraft lessor Dubai Aerospace Enterprise (DAE) has signed a $420 million five-year unsecured term loan with Chinese entities to support its business expansion.

The DIFC branch of China Construction Bank and China Construction Bank (Asia) Corporation offered the loan facility.

“This term loan will serve to further strengthen our already exceptional liquidity, which stood at $4.1 billion at the end of 2023,” said DAE chief executive Firoz Tarapore.

DAE turned profitable in 2023 after it received a settlement of $118.3 million for seven aircraft leased to Russia’s Aeroflot airline.

The company reported a net profit of $350.6 million for 2023, a turnaround from a loss of $279.3 million a year ago.

The aircraft leasing company’s order book stands at 64 after 150 lease agreements, extensions and amendments were signed last year. Dubai Aerospace secures $420m from Chinese lenders