The emirate is home to 68,500 millionaires with at least $1 million in liquid assets and 206 centi-millionaires
uae1 hour ago
Taking Centre stage at the Dubai Air Show, which saw mega deals worth more than Dh250 billion signed by Gulf based airlines and companies, DAE Capital signed a $1 billion acquisition of 20 narrow and wide-body aircraft from GE Commercial Aviation Services (GECAS) in a deal comprising Boeing 737 next generation series and Airbus A320 series aircraft. DAE’s aircraft leasing and financing arm also annoucned on the third day of the air show a $500 million purchase of eight Airbus wide-body Airbus A330-200s from Emirates Airline in a split purchase and leaseback deal that marked DAE Capital’s entry into the aircraft leasing market.
The new deals came in the wake of two landmark orders of upto 200 aircraft placed by DAE Capital with aerospace rivals Boeing and Airbus on the second day.
These include the signing a letter of intent with Airbus worth $13.5 billion for up to 100 aircraft comprising 70 from A320 family and 30 A350 XWBs – with deliveries to start in 2013 and conclude in 2022. The price incorporates an associated deal with Rolls-Royce for its Trent XWB engines to power the A350 XWBs, worth some $1.2 billion at list prices;
The other deal was for another 100 aircraft valued at approximately $13.7 billion with Boeing Commercial Airplane Company – comprising 70 Boeing 737 Next Generation aircraft and 30 wide-body planes (covering Boeing 787s, 777s and 747s) for delivery between 2010 and 2018. The price incorporates an associated deal with General Electric for 70 CFM56-7B engines for the 737s, GEnx-engines to power five Boeing 747-8 Intercontinental and further GE90-115B engines to power 10 Boeing 777-300ER aircraft. The engines are together valued at more than $1.9 billion.
With yesterday’s new deals, the total value of the DAE Capital announcements reached $28.7 billion.
Shaikh Ahmed bin Saeed Al Maktoum, DAE Chairman, said the landmark deals aimed to position DAE Capital as a global leader in the aircraft leasing market.
DAE Group Managing Director Dr. Omar bin Suleiman, said: “DAE Capital has made history today by signing major agreements with aerospace industry-leading companies. The DAE Capital team has only been together for six months but has demonstrated its quality by making today possible and is now making its mark on this industry.”
Bob Johnson, DAE Group CEO, said: “In 24 hours DAE Capital has become an aircraft leasing and finance provider that has made the world sit up and take note. We are fulfilling our aim of rapidly building a world-class global aerospace, manufacturing and services business. DAE Capital will quickly rise to become a world-class aircraft leasing business – providing customers with a combination of one of the world’s most experienced aircraft leasing teams that is managing a fleet of modern single aisle and wide-body aircraft.”
Bob Genise, CEO of DAE Capital, said the deals, together with DAE’s access to efficiently priced capital, will help DAE Capital offer attractively priced operating lease terms to airlines and generate significant returns for our investors.
The emirate is home to 68,500 millionaires with at least $1 million in liquid assets and 206 centi-millionaires
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