Latest news with #FirozTarapore
Arabian Business
2 days ago
- Business
- Arabian Business
Dubai Aerospace Enterprise signs $300mn unsecured term loan
The deal was made with Bank of China (Dubai) Branch, Bank of China Limited, London Branch, and Bank of China (Hong Kong) Limited (BOC). The loan will be allocated for general corporate purposes and will assist the company in achieving future financing requirements. 'This transaction with BOC provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet. We are pleased to deepen our relationship with Bank of China and look forward to continuing our collaboration with the entire Bank of China group in the years ahead,' Firoz Tarapore, Chief Executive Officer of Dubai Aerospace Enterprise, said in a statement. 'Bank of China values its growing relationship with DAE and is pleased to support this strategic financing. The successful execution of this transaction reflects the strength of our global network and our ability to deliver tailored solutions that meet the evolving needs of our clients across the aviation sector. In the future, Bank of China will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises,' Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, added.
2 days ago
- Business
Dubai Aerospace Enterprise Secures $300 Million Loan from Bank of China
Dubai Aerospace Enterprise (DAE) has secured a $300 million unsecured term loan from the Bank of China, strengthening its liquidity position and reinforcing ties with one of the world's largest financial institutions. The 3-year loan agreement was signed with Bank of China's Dubai Branch, London Branch, and Hong Kong Limited. DAE confirmed that the funds will be used for general corporate purposes and to support future financing needs as the aviation giant continues to expand its global operations. 'This transaction with BOC provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet,' said Firoz Tarapore, CEO of DAE. 'We are pleased to deepen our relationship with Bank of China and look forward to continuing our collaboration.' The deal also marks a significant step in strengthening economic ties between China and the UAE. Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, noted the importance of the partnership, highlighting the bank's ability to offer tailored financing solutions in the aviation sector. 'Bank of China values its growing relationship with DAE and is pleased to support this strategic financing,' Pan said. 'We will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises.' DAE, one of the largest aircraft leasing companies in the world, manages a fleet of over 500 aircraft and serves more than 120 airline customers across 60 countries. News Source: Emirates News Agency
Khaleej Times
2 days ago
- Business
- Khaleej Times
Dubai Aerospace Enterprise signs $300m loan agreement with BOC
Dubai Aerospace Enterprise (DAE) Ltd, a global aviation services company, has signed a $300 million three-year unsecured term loan with Bank of China (Dubai) Branch, Bank of China Limited, London Branch and Bank of China (Hong Kong) Limited. The loan will be used for general corporate purposes and will support the future financing needs of the business. Firoz Tarapore, chief executive officer of DAE, said the transaction with BOC provides the company with additional liquidity to support its ongoing commitment to meeting the needs of airline customers while maintaining a modern and efficient fleet. 'We are pleased to deepen our relationship with Bank of China and look forward to continuing our collaboration with the entire Bank of China group in the years ahead.' Pan Xinyuan, general manager of Bank of China (Dubai) branch, said the bank values its growing relationship with DAE and is pleased to support this strategic financing. 'The successful execution of this transaction reflects the strength of our global network and our ability to deliver tailored solutions that meet the evolving needs of our clients across the aviation sector. In the future, Bank of China will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises.' Last week, DAE finalised agreements to sell approximately 75 aircraft to two counterparties, marking a significant step in optimising its fleet. Involving a mix of aircraft types, the deals are expected to enhance the efficiency and age of DAE's portfolio, though financial terms remain undisclosed. The first transaction involves the sale of around 50 Embraer E-JETS to a specialist aircraft lessor. The second deal includes approximately 25 out-of-production aircraft sold to a financial investor, with DAE providing lease, asset, and technical management services. According to DAE, these transactions align with its strategy to streamline its fleet by focusing on newer, more fuel-efficient aircraft, reducing the weighted average age of its passenger fleet while extending the average remaining lease term. DAE's pro forma fleet will now consist of 45 per cent Boeing aircraft, 42 per cent Airbus aircraft, and 13 per cent ATR aircraft. This shift reflects DAE's commitment to modernising its portfolio, prioritising aircraft types that meet current market demands for efficiency and sustainability. With a fleet valued at over $14 billion, DAE continues to strengthen its position through strategic divestitures and investments in next-generation aircraft, according to aviation experts.
Zawya
3 days ago
- Business
- Zawya
Dubai Aerospace signs $300mln 3-year term loan
Dubai Aerospace Enterprise Ltd. has signed a $300 million three-year unsecured term loan with Bank of China (Dubai) Branch, Bank of China Limited, London Branch and Bank of China (Hong Kong) Limited. The aircraft lessor, which is fully owned by Investment Corporation of Dubai, will use the loan for general corporate purposes and future financing needs of the business. Firoz Tarapore, CEO of DAE, said the transaction with BOC 'provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet'. In March 2024, DAE signed $420 million 5-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited. As of March 31, 2025, the company had a total debt of $8 billion, of which 80% was unsecured. Net debt-to-equity ratio was 2.43x. (Writing by Brinda Darasha; editing by Seban Scaria)
Zawya
3 days ago
- Business
- Zawya
DAE signs US$300mln 3-year unsecured term loan
Dubai, U.A.E. – Dubai Aerospace Enterprise (DAE) Ltd ('DAE'), the global aviation services company, today announced that it has signed 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 will be used for general corporate purposes and will support the future financing needs of the business. Firoz Tarapore, Chief Executive Officer of DAE, commented, 'This transaction with BOC provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet. We are pleased to deepen our relationship with Bank of China and look forward to continuing our collaboration with the entire Bank of China group in the years ahead.' Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, said: 'Bank of China values its growing relationship with DAE and is pleased to support this strategic financing. The successful execution of this transaction reflects the strength of our global network and our ability to deliver tailored solutions that meet the evolving needs of our clients across the aviation sector. In the future, Bank of China will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises.' About DAE Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 200 airline customers in over 85 countries from its eight office locations in Dubai, Dublin, Limerick, Amman, Singapore, Miami, New York, and Seattle. DAE Capital is an award-winning aircraft lessor with an owned, managed, and committed fleet of approximately 750 Airbus, ATR, Embraer, and Boeing aircraft with a fleet value of US$22 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating 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. More information can be found on the company's website at
