Lessor Dubai Aerospace Enterprise (DAE) is reporting that it acquired 94 aircraft, sold 33 aircraft and signed 143 lease transactions in 2022.
DAE, in its Jan. 5 business transactions update for full year 2022, said it signed a new aircraft management mandate to acquire and manage up to $1.75 billion of aircraft assets.
DAE has 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 Amman, Jordan; Dubai; Dublin; Miami; New York; Seattle; and Singapore. DAE has an owned, managed, committed, and mandated-to-manage fleet of approximately 500 Airbus, ATR and Boeing aircraft with a fleet value exceeding $16 billion, placed with 118 customers in 59 countries. The average age of its fleet portfolio is 6.9 years.
In 2021, DAE had about approximately 425 aircraft in its portfolio.
During 2022, DAE acquired 94 aircraft of which 46 are owned and 48 managed. The company sold 33 aircraft (owned 10; managed 23) and signed 143 lease agreements, extensions and amendments, of which 121 are owned and 22 are managed.
The lessors owned fleet portfolio contracted was 98.2% placed, with an average age of 6.5 years and an average lease term remaining of 6.3 years.
In 2022, DAE announced and completed the acquisition of SKY Fund I, Irish Ltd in the fourth quarter. Sky Fund is an aircraft holding company, its Sky Leasing arm handles leasing transactions.
On Dec. 27, 2022, DAE announced the signing of new Senior Unsecured Term Financings for a total of $800 million with a weighted average maturity of 5.5 years in two transactions. Each facility was underwritten by a leading bank in the region.
“The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet,” CEO Firoz Tarapore said in late December. “We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment,” he added.
Its DAE Engineering division has booked 1.3 million man-hours and 315 checks were performed in 2022. The division served more than 50 customers and 25 countries.
DAE Engineering, operating as Joramco, provides regional MRO services to customers in Europe, the Middle East, Africa, and South Asia from its facility at Queen Alia International Airport in Amman, where it can accommodate 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.
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