Dubai Aerospace Enterprise (DAE) has reported its operational results for 2024, including the acquisition of 83 aircraft and the sale of 68 during the year.
Of the aircraft acquired, 30 were owned and 53 managed, while sales included 19 owned and 49 managed aircraft. The company also signed 233 lease agreements, extensions, and amendments, with 190 relating to owned aircraft and 43 to managed aircraft.
Commenting on the results, Firoz Tarapore, chief executive officer of DAE, described 2024 as a year of “exemplary execution” of the company’s strategy, to “continuously enhance” its global franchise.
“The metrics we announced today reaffirm DAE’s status as a leading aviation services corporation, supported by two market-leading divisions: DAE Capital, a global top ten aircraft lessor, and DAE Engineering, the region’s independent airframe MRO of choice," noted Tarapore.
DAE Engineering reported over 1.5 million man-hours completed in 2024, performing more than 300 aircraft checks. The division also expanded its hangar capacity by 30%, increasing to 22 bays, including one capable of accommodating A380 aircraft.
DAE also signed a $750 million five-year unsecured term loan with a GCC lender and credit rating upgrades from Fitch Ratings and Moody’s Investors Service to BBB and Baa2, respectively.