Islamic Finance

Dubai Aerospace signs $300 mln financing facility with Emirates Islamic, Emirates NBD Capital

Dubai Aerospace Enterprise has signed a dual-tranche $300 million unsecured term financing facility with Emirates Islamic and Emirates NBD Capital.

The five-year facility is made of a conventional and Islamic tranche and can be upsized to $600 million, the Dubai-based company said in a statement on Monday (Feb 3).

The financing will support DAE’s future financing needs, said the aerospace company.

DAE is made up of two divisions covering aircraft leasing and engineering.

It reported a total fleet of 358 aircrafts as at end-Sep 2019. In the third-quarter of last year, its aircrafts were on lease to 111 lessees in 56 countries, it said.

The company reported revenues of $1.44 billion in 2018.

DAE is 100% owned by ICD, the investment arm of the government of Dubai.

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