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DAE Capital to lease new freighters to Emirates
DUBAI - DAE Capital, the aircraft leasing division of Dubai Aerospace Enterprise, or DAE, on Sunday said it would lease nine new Boeing 777 freighters on long-term basis to Emirates airline.
In a statement, the company said it reached an agreement to lease the aircraft to Emirates that will boost its cargo division. These aircrafts are from DAE’s order book with Boeing and will be delivered in the 2012-15 timeframe. DAE didn’t provide financial details about the deal.
“This agreement ensures Emirates SkyCargo will receive a pipeline of new, state-of-the-art, freighter aircraft over the next four years. Emirates SkyCargo continues to build on its leadership position in the global cargo market and these aircrafts will play an important role in this growth,” Shaikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airline and Group, said.
The DAE is a globally recognised aerospace company specialising in maintenance, repair and overhaul services, aircraft completions and aircraft leasing. The company is headquartered in Dubai and employs over 4,000 people in four continents.
“DAE is delighted to be able to further deepen its existing relationship with Emirates and deliver one of the most modern, technologically advanced freighter aircraft to assist Emirates as it seeks to serve increasing demand for global air cargo,” DAE Managing Director Khalifa H. Al Daboos said. “Equally, the decision to take more 777 Freighters is based upon the immediate need expand its cargo role, particularly as a rebound in the industry will eventually happen,” Saj Ahmad, chief analyst at FBE Aerospace London, told Khaleej Times.
DAE Capital also leased a Boeing 777 Freighter to Emirates SkyCargo in September this year. Deutsche Bank and DVB Bank provided financing to DAE for this aircraft. The 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.
muzaffarrizvi@khaleejtimes.com
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