Aviation services company Dubai Aerospace Enterprise (DAE) has secured new credit facilities from 15 global financial institutions, boosting liquidity to support its expansion plans.
Half of the total $2.8 billion will be used to repay existing facilities, the aircraft lessor said in a statement.
The latest unsecured revolving arrangements increase the company’s accumulated credit facilities to almost $4 billion.
The loan comprises commitments in US dollars and UAE dirhams, including $2.3 billion in conventional funding and $500 million in sharia-compliant liquidity. The facilities will mature in March 2031.
DAE did not mention when the new facilities were secured. The US-Israeli war with Iran has been ongoing since February 28, with Tehran targeting infrastructure across the GCC.
UAE businesses are bracing for cashflow squeezes and payment delays due to the conflict, executives have told AGBI.
Emirates NBD and First Abu Dhabi Bank acted as lead arrangers, bookrunners and coordinators for the conventional tranche, while Abu Dhabi Islamic Bank served as the lead arranger for the shariah-compliant facility.
The new facilities will further bolster DAE’s liquidity strength, CEO Firoz Tarapore said.
Last month DAE agreed to buy Macquarie AirFinance, owned by Australia’s Macquarie Group, for an enterprise value of $7 billion.
The Investment Corporation of Dubai, the principal investment arm of the Dubai government, owns DAE.
Willie Walsh, director general of the International Air Transport Association, an industry trade body, told AGBI last year that he believed aircraft leasing companies in the region were profiting from prolonged delivery delays at aircraft makers Boeing and Airbus.


