Dubai Aerospace Enterprise’s (DAE) leasing arm, DAE Capital, completed eight leasing transactions in 3Q 2018 and closed an $800 million revolving loan facility during the quarter, the parent company said in a review of the period Oct. 11.

The UAE-based lessor is expanding rapidly, having acquired Ireland-based AWAS in 2017, and now has an owned, managed and committed fleet approaching 400 Airbus, ATR and Boeing aircraft with a fleet value of $14 billion.

The company has told local media in the UAE that it plans roughly to double its fleet over the coming decade.

In its quarterly review, the company noted that two global ratings agencies had marked up its prospects; S&P Global Ratings upgraded DAE’s corporate credit rating to BB+ while Moody’s Investors Service revised the organization’s rating outlook to “positive.”

The period under review also saw the DAE board approving a $300 million bond repurchase program and closing the $800 million revolving loan facility that it had launched in May.

On the operational side, DAE took delivery of its first two Boeing 737 MAX 8 aircraft.  Over the quarter, it purchased three new aircraft and sold 13. The average age of its owned fleet is 6.3 years, while the average lease term remaining on its owned fleet is 6.2 years. It now has 109 customers in 56 countries.

Alan Dron