Aerospace company Dubai Aerospace Enterprise (DAE) has repurchased a 4% shareholding that was held by Emaar Properties PJSC, returning the company to state ownership.

“DAE is now 100% owned, directly and indirectly, by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai,” DAE said in a statement June 27.

Emaar Properties was one of DAE’s founding shareholders when the company was formed in 2006.

DAE CEO Firoz Tarapore said the ownership change will have no impact on the company’s capital adequacy ratios and liquidity metrics.

The transaction is expected to complete in the second quarter.

DAE leasing division DAE Capital has an owned, managed and committed fleet of approximately 355 Airbus, ATR and Boeing aircraft, with a fleet value of $14 billion.

Victoria Moores