Dubai, U.A.E., 3 March 2022 – Dubai Aerospace Enterprise (DAE) Ltd reported today that approximately 7% of the Company’s leased aircraft fleet by net book value was on lease to airlines in Russia. DAE intends to fully comply with all applicable sanctions including those which currently prohibit the leasing of aircraft to an entity in Russia or for use in Russia.
DAE is ensuring an orderly unwinding of the existing leases with operators in Russia, and the removal of aircraft from Russia within the relevant wind down period permitted in the sanctions.
The rapid lifting of COVID-related travel restrictions is translating into higher levels of demand for short- and long-haul passenger aircraft. DAE is actively responding to inbound requests from clients for additional aircraft.
DAE also announced that the Board of Directors had affirmed the use of the remaining bond repurchase authorization of approximately US$220 million to commence bond repurchases through open market transactions.
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Dubai Aerospace Enterprise (DAE) Ltd. is a global aviation services company headquartered in Dubai. DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle.
DAE’s award-winning Aircraft Leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. DAE’s Engineering division serves customers in Europe, Middle East, Africa and South Asia from its state-of-the-art facility accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s web site at www.dubaiaerospace.com.
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