Sunday, Nov 13, 2011
DUBAI (Zawya Dow Jones)--Dubai-based DAE Capital, the aircraft leasing arm of state-owned Dubai Aerospace Enterprise Ltd., or DAE, said Sunday it would lease nine new Boeing Co. (BA) 777 freighter planes on a long-term basis to Emirates Airline.
The aircraft are from DAE's order book with Boeing and will be delivered between 2012 and 2015, DAE said in an emailed statement. DAE didn't provide any further details on the deal.
"This agreement ensures Emirates SkyCargo will receive a pipeline of new, state-of-the-art, freighter aircraft over the next four years," said Sheik Ahmed bin Saeed Al Maktoum, chairman of Dubai-based Emirate Airline, the Middle East's biggest carrier.
DAE in July said it had 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 have estimated the debt to be worth $800 million.
DAE is partly owned by Investment Corp. of Dubai, a 100% government-owned group, and employs over 4,000 people worldwide. DAE's other shareholders are Dubai International Capital, DIFC Investments, Emaar Properties, Istithmar World and Dubai Silicon Oasis Authority, according to the company's website.
-By Oliver Klaus, Dow Jones Newswires; +9714 446-1693; Oliver.Klaus@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-11-11 0744GMT
