Dubai Aerospace plans to expand portfolio to 450 jets in 2021

Profit for the nine months ended September 30 declined by more than a third to $167.3m

The state-owned company currently has 381 planes, and it has already committed to adding 31 jets valued at $1.1 billion.

Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane-leasing firm, plans to expand its portfolio to 450 planes next year even after the coronavirus pandemic weighed down on the company’s profit.

“If we do our job correctly in 2021,” 450 is the minimum fleet size that DAE is targeting, chief executive officer Firoz Tarapore said in an interview with Bloomberg TV.

The state-owned company currently has 381 planes, and it has already committed to adding 31 jets valued at $1.1 billion.

The lessor could tap debt markets if conditions were favourable, Tarapore said, adding that its liquidity is “super strong” and can fund the expansion.

Profit for the nine months ended September 30 declined by more than a third to $167.3 million compared with the same period last year.

Dubai Aerospace Enterprise posts 38% drop in H1 profits

As of the end of last month, DAE had granted rent deferral requests from 34 airlines

During the interview, Tarapore revealed that any plant to buy the remaining stake in Jordan’s MRO Joramco “will really depend on our 20 percent partner, which is the national airline”.

While he denied reports that the company has hired KPMG to assess the health of SpiceJet.

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