Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft lessors, secured more lease deals last year despite the decline in air traffic.
From January to December 2020, the leasing company recorded a total of 125 lease agreements and extensions, up from just 35 deals in 2019.
The company, which is owned by sovereign wealth fund Investment Corporation of Dubai, also reported at least 55 new underwriting aircraft purchase commitments for the whole year.
The business transactions are part of the full-year 2020 report for the company’s aircraft leasing division, DAE Capital.
The company had said earlier it was looking to land more purchase and leaseback deals with airlines despite a massive decline in air traffic in 2020.
Last December, it delivered the first of 18 Boeing 737 MAX 8 jets to American Airlines.
DAE also reported that total bond repurchases and share repurchases last year amounted to $192 million and $350 million, respectively.
The DAE acquired 38 jets and sold 28 others for the whole year, while owned fleet utilisation hit 98.2 percent.
Headquartered in Dubai, DAE serves more than 170 airline customers in over 65 countries. Its aircraft leasing division owns and manages approximately 425 Airbus, ATR and Boeing jets with a fleet value exceeding $16 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021