Dubai Aerospace Enterprise (DAE) Ltd has signed an AED 2.75 billion ($749 million) five-year loan with Emirates NBD. 

The company said in a statement on its website that the UAE dirham denominated loan will be used for general corporate purposes and future financing needs.

 The aircraft lessor, which is fully owned by Dubai Government investment arm Investment Corporation of Dubai (ICD), swung to profit in 2023 following a successful insurance claim for aircraft stranded in Russia by Western sanctions imposed due to the invasion of Ukraine.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)