Dubai: Dubai Aerospace Enterprise (DAE) Ltd has announced the signing of a US$300 million 3-year unsecured term loan with Bank of China (Dubai) Branch, Bank of China Limited, London Branch, and Bank of China (Hong Kong) Limited (BOC). The loan aims to facilitate general corporate purposes and support the future financing requirements of the company.
According to Emirates News Agency, Firoz Tarapore, Chief Executive Officer of DAE, expressed that the transaction with BOC enhances the company's liquidity, enabling DAE to continue fulfilling the needs of its airline customers while maintaining a modern fleet. Tarapore highlighted the significance of deepening relations with Bank of China and anticipated continued collaboration with the bank group.
Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, remarked on the growing relationship with DAE and their satisfaction in supporting the strategic financing. He noted that the transaction's success underscores Bank of China's global network strength and capability to provide tailored solutions for clients in the aviation sector. Xinyuan also emphasized the bank's commitment to strengthening China-UAE relations and supporting the development of UAE enterprises.