Thursday , May 28 2020

DAE ends first quarter with $2.8bn in liquidity

Dubai / WAM

Dubai Aerospace Enterprise (DAE) announced that it ended Q1 2020 with available liquidity of approximately $2.8 billion. DAE’s owned, managed and mandated-to-manage fleet exceeded 400 aircraft. During the said period, DAE sold or novated 15 aircraft, acquired 4 aircraft and transitioned or extended leases on 8 aircraft.
Commenting on announcement, Firoz Tarapore, DAE’s Chief Executive Officer, said, “In these unprecedented times, DAE has positioned itself to operate calmly and to balance the needs of all our important constituents – employees, customers, bondholders and banks, and shareholders.”
He said during last two years, DAE managed to raise significant liquidity to protect our business from unforeseen market developments.
“DAE was also able sell more assets than we acquired to proactively manage our portfolio composition, refrain from placing speculative OEM orders to avoid steep contingent liabilities,” Tarapore noted.
, and build a large-scale aircraft asset management business to help investors navigate the complexities of committing capital to this sector,” Tarapore noted.
Today, the company has over $2.8 billion of available liquidity and modest liquidity requirements of approximately $430 million for bond maturity and capex commitments over the next 12 months.

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