Dubai Aerospace Enterprise (DAE), the Middle East’s biggest aircraft lessor, said its board of directors and shareholders approved a bond repurchase programme of up to $300m (Dh1.1bn), as the company looks to further strengthen its financial position in order to expand its fleet.
“Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile,” said DAE managing director Khalifa Al Daboos, in a statement to media on Monday.
“The strength of our balance sheet and our projected cash position allow us to repurchase our bonds at a considerable discount and improve the gross leverage position of the company.”
DAE has $2.3bn in senior bonds in US capital markets, which it raised to fund its 2017 acquisition of Dublin-based aircraft lessor Awas. The company presently has a $14 billion fleet.
The UAE identified aircraft leasing as a high-growth sector that feeds into the country’s plans to expand its aviation sector beyond the airline industry, with ambitions to become an integrated hub for the aviation, aerospace manufacturing and support services industries.
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Dubai Aerospace Enterprise considers $500m bond raising
AWAS deal anchors DAE among 10 largest leasing companies globally
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Dubai state-owned DAE is seeking to grow its fleet further following the Awas deal which swelled its portfolio to almost 400 planes. It is in talks with Airbus and Boeing for an order of 400 narrow-body jets and has said it may acquire another lessor if a deal with the plane makers does not materialise.
Under the programme approved on Monday, $300m of repurchases will be conducted through transactions on the open market, DAE said. Prior to this approval, the state-backed lessor had already repurchased $43m of its bonds due to mature in 2024, it said.
In May, DAE signed a deal for an unsecured revolving $480m credit facility with local and regional banks Al Ahli Bank of Kuwait, First Abu Dhabi Bank and Noor Bank, as part of its strategy to diversify its sources of funding. The four-year deal can be extended to up to $800m and has both Islamic and conventional tranches, DAE said in statement at the time.
The lessor is also considering a $500m sukuk issuance and could tap the market either later this year or in 2019, depending on investor appetite, DAE chief executive Firoz Tarapore said in April.
Killing of Qassem Suleimani
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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KILLING OF QASSEM SULEIMANI
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
