Managed aircraft portfolio to top US$2.7 billion
Dubai, U.A.E., 23 September 2019 – Dubai Aerospace Enterprise (DAE) Ltd. announced today that it had been mandated by one of the world’s largest fund managers to source and manage aircraft valued at approximately US$1.4 billion.
DAE will acquire the assets and DAE’s best-in-class Aircraft Investor Services (“AIS”) platform will manage the assets on behalf of the investor. The multi-year mandate will involve sourcing and managing the aircraft and assisting the investor with the capital structure for the acquired aircraft. The mandate will primarily target used narrow-body and wide-body aircraft sourced through DAE’s global relationships in secondary market trading and sale-leaseback channels.
The addition of this mandate will bring DAE’s managed portfolio to over US$2.7 billion in assets under management. Coupled with other ongoing projects, DAE fully expects its managed portfolio to grow to its target of US$5 billion.
Commenting on the mandate, Firoz Tarapore, Chief Executive Officer of DAE said: “DAE is thrilled to have the opportunity to grow its managed aircraft business by sourcing and managing aircraft for a world-class financial institution. We are off to a flying start and have already sourced 25% of the portfolio.
“We own more than 300 aircraft and will manage more than 100 aircraft. We maintain an active dialog with 250 airline customers. This scale and relevance combined with our 150-person full-service platform and our industry leading AIS offering is a very compelling value proposition for investors in the managed aircraft space” Tarapore added.
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Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.
With more than 50 years of experience, Joramco has built a sound track record as a leading commercial aircraft maintenance, repair and overhaul (MRO) facility serving a wide range of customers in the; Middle East, Europe, South Asia, Africa, Russia and the CIS countries, offering services on several aircraft models from the Airbus, Boeing, and Embraer fleets. Strategically located at a free zone area in Queen Alia International Airport in Amman-Jordan, Joramco’s facility includes 5 hangars that can accommodate up to 15 aircraft.
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