Dubai Aerospace Enterprise Ltd.(DAE), the airplane lessor and aviation services company, has signed a $420 million five-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Ltd.

The loan will support the future financing needs of the business, DAE said in a statement on its website.

Firoz Tarapore, Chief Executive Officer of DAE said: "This term loan will serve to further strengthen our already exceptional liquidity, which stood at $4.1 billion at the end of 2023."

(Writing by Brinda Darasha; editing by Seban Scaria)