Dubai, U.A.E., 14 August 2023 – Dubai Aerospace Enterprise (DAE) Ltd today announced that an affiliate had signed a definitive agreement to acquire the rights, interests, and obligations of a portfolio of 64 Boeing 737 MAX aircraft from a wholly-owned subsidiary of China Aircraft Leasing Group Holdings Limited (“CALC”). The portfolio includes 737-8, 737-9 and 737-10 variants. Delivery of the aircraft is scheduled to occur between 2023 and 2026. Terms of the transaction were not disclosed.
The 737 MAX airplane family delivers enhanced efficiency, improved environmental performance and increased passenger comfort to the single-aisle market. Powered by CFM International LEAP-1B engines and advanced technology winglets, the 737 MAX reduces fuel use and emissions by 20% compared to airplanes it replaces. The 737-10 is the largest model in the 737 MAX family and can seat up to 230 passengers in a single-class configuration, flying up to 3,300 miles. The fuel-efficient jet can cover 99% of single-aisle routes.
DAE’s Chief Executive Officer, Firoz Tarapore commented, “We are delighted to be able to conclude this transaction with CALC to acquire a unique portfolio of 100% new technology, fuel efficient single aisle aircraft.
The transaction is expected to be completed in the third quarter of 2023 and is expected to have no impact on any of the company’s capital adequacy, liquidity, and funding ratios.
DAE was advised by Milbank LLP and KPMG Ireland.
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Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. 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 Capital is an award-winning aircraft lessor and financier with an owned, managed, committed, and mandated to manage fleet of approximately 550 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$20 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 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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