Wednesday, Feb 15, 2012
DUBAI (Zawya Dow Jones)--Dubai Aerospace Enterprise Ltd., or DAE, a state-owned aircraft leasing company, said Wednesday that its acting Chief Executive Officer George Mushahwar has left the company.
"George played an important role in the evolution of DAE in the past few years and we are thankful to him for his efforts and dedication. We wish him well in his new venture," DAE's Managing Director Khalifa AlDaboos said in an emailed statement.
Last year, DAE successfully concluded discussions and reached agreement with its lenders on a new, four-year credit facility that will replace an existing one. Analysts at JP Morgan had estimated the debt to be worth $800 million.
"DAE has made significant strides in the past two years to strengthen the balance sheet and improve the profitability of its core businesses. The management team has done an excellent job of refinancing debt agreements, rationalizing capital commitments and securing long-term financial agreements," AlDaboos said Wednesday.
DAE is partly owned by Investment Corp. of Dubai, a 100% government-owned group. Its other shareholders are Dubai International Capital, DIFC Investments, Emaar Properties, Istithmar World and Dubai Silicon Oasis Authority, according to the company's website.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
15-02-12 0903GMT
