Dubai Aerospace Sells Aircraft Worth US$900 Million
Aircraft lessor Dubai Aerospace Enterprise has signed agreements to sell 16 planes to pay down debt.
DAE said it had agreed three deals to sell the aircraft, which have a total market value of approximately USD$900 million.
The aircraft included in the deals are Boeing 737s and Airbus A320s, A330s, and A350 family aircraft. They are currently on lease to 11 airlines in 11 countries, the lessor said.
DAE chief executive Firoz Tarapore said the agreements to sell the aircraft will not impact the company’s total number of customers. He said proceeds will be used to pay down debt and will be reinvested in further aircraft acquisitions.
The sales agreements are expected to close in the second half of 2018.