Dubai: Dubai Aerospace Enterprise (DAE) has announced the signing of definitive agreements with two counterparties to sell approximately 75 aircraft. Terms of the transactions were not disclosed.
According to Emirates News Agency, the agreements include the sale of a portfolio of around 50 Embraer E-JETS to a specialist lessor, and a portfolio of approximately 25 out-of-production aircraft to be sold to a financial investor. Additionally, DAE will provide lease, asset, and technical management services for these transactions.
Upon completion, these transactions will reduce the weighted average age and increase the weighted average remaining lease term of DAE's passenger fleet. Certain transactions are still subject to regulatory approvals and other customary closing conditions.
Firoz Tarapore, Chief Executive Officer of DAE, stated that these transactions are consistent with their ongoing commitments to stakeholders. He noted that the transactions will achieve multiple objectives by aligning their portfolio composition with their target aircraft types, while enhancing the overall fuel efficiency, age profile, and remaining lease term characteristics of the portfolio.