Dubai Aerospace Enterprise (DAE), one of the world's leading aviation services groups, has released its full-year 2024 business and operational highlights. The results reflect significant growth across both of its main divisions — DAE Capital and DAE Engineering — reinforcing DAE's standing among the top global aircraft lessors.
DAE Capital: Aircraft Leasing and Management
DAE Capital, ranked among the top ten global aircraft lessors, reported robust activity throughout 2024:
- Acquired 83 aircraft — 30 owned and 53 managed. - Sold 68 aircraft — 19 owned and 49 managed. - Signed 233 lease agreements, renewals, and variations covering 190 owned and 43 managed aircraft. - Placed 17 Boeing 737 MAX aircraft on long-term leases of 12 years or more with Turkish Airlines, Eastar Jet, and Hainan Airlines. - Entered definitive purchase agreements to acquire 33 aircraft from various counterparties for a total consideration of US$1.6 billion. - Priced a US$497.2 million two-tranche aircraft ABS for a managed asset client.
DAE Engineering: MRO Milestones
DAE Engineering, the group's maintenance, repair, and overhaul division, achieved notable milestones in 2024:
- Booked over 1.5 million man-hours of scheduled work. - Performed more than 300 aircraft checks. - Expanded hangar capacity by 30%, increasing the number of bays to 22 — including one capable of accommodating the Airbus A380. - Deepened relationships with partners Joramco and Spirit AeroSystems by adding new shop capabilities.
Financial Strength and Credit Ratings
At the group level, DAE secured a AED 2.75 billion five-year unsecured credit facility from a GCC-based lender, strengthening its liquidity position. The company also received credit rating upgrades during the year: Fitch assigned a BBB rating and Moody's awarded a Baa2 rating, reflecting confidence in DAE's financial management and long-term outlook.
CEO Comment
CEO Firoz Tarapore said: "2024 was another year of exemplary execution of our strategy to continually enhance our global franchise." He credited the performance to the strength of DAE's teams across both divisions and the company's disciplined approach to growth.
With a fleet spanning owned, managed, and committed aircraft across more than 65 countries and serving over 170 airlines, Dubai Aerospace Enterprise has used 2024 to consolidate its position as a dominant force in global aviation services.
