Dubai Aerospace signs 48 lease deals, acquires 13 aircraft

Total fleet grows to 425 aircraft

  
Dubai aerospace reports its financial results for H1 2020, with total revenue $672.6 million, and net income $121.7 million. Image courtesy Dubai Media Office Twitter handle.

Dubai aerospace reports its financial results for H1 2020, with total revenue $672.6 million, and net income $121.7 million. Image courtesy Dubai Media Office Twitter handle.

Aircraft leasing company Dubai Aerospace Enterprise (DAE) continued to score lease deals during the first three months of the year despite the slowdown in the aviation industry. 

From January to March 2021, the company’s aircraft leasing division, DAE Capital, signed 48 lease agreements and extensions with various customers. 

The company, which is owned by sovereign wealth fund Investment Corporation of Dubai (ICD), also acquired 13 more aircraft during the same period. 

As of the first quarter of the year, DAE had a total owned, managed, committed and mandated to manage fleet of 425 aircraft, up from 374 in December 2020. 

The company’s profit for 2020 dropped to $228.9 million from $377.5 million in 2019.  

The aviation industry has been among the worst hit by the coronavirus pandemic. Airlines around the world have suffered huge revenue losses due to a massive decline in passenger air traffic. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 

Cleofe.maceda@refinitiv.com

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© ZAWYA 2021

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