DAE Capital in sale and leaseback deal with Kingfisher for three A330-200 aircraft
21 Oct 2008
Dubai: The world's fastest growing aerospace, manufacturing and services corporation, Dubai Aerospace Enterprise (DAE), has acquired three Airbus aircraft ordered by Kingfisher Airlines in a sale and leaseback deal.
DAE Capital, the aircraft leasing and financing business, announced the completion of the acquisition of three new Pratt and Whitney-powered Airbus A330-200 wide-body aircraft ordered by Kingfisher Airlines from Airbus.
Delivery of all three aircraft concluded in August 2008.
Dubai-headquartered DAE Capital is rapidly establishing itself as a world-class aircraft leasing business. It currently has 33 aircraft on its books, with a further 200 Boeing and Airbus aircraft on order with deliveries commencing from 2010.
H.E. Dr. Omar Bin Sulaiman, DAE Group managing director, said: 'The continuing growth of DAE's leasing business reflects our position as an emerging power within the aviation and aerospace sector. The Middle East is recognised for being one of the world's most ambitious and dynamic regions and our goal is to continue to develop DAE business synergies and fully transform the aviation experience.'
Bob Genise, DAE Capital CEO, said: 'We continue to grow the business and broaden the portfolio based on customer demand. This latest acquisition is a welcome addition to our fleet and it's our intention to continue to expand the business through 2008 and beyond.'
VJ Mallya, chairman of the UB Group, said: 'Through agreements such as these we are able to strengthen our business operations and ensure we are best placed to manage our fleet range and versatility. The enhanced services available from DAE Capital set them apart in the leasing businesses and have helped provide us with the competitive advantages all airline operators seek.'
