Dubai Aerospace Enterprise (DAE) has announced its intention to acquire 23 aircraft from various sources for approximately $1.1 billion.

The portfolio of aircraft, with a weighted average age of just 3.4 years and a weighted average lease term of 8.8 years, is leased to 13 airlines across 9 countries. Notably, 91% of the portfolio’s value consists of narrow-body aircraft, with 86% equipped with next-generation technology.

Firoz Tarapore, CEO of DAE, said, “We are delighted to add this young portfolio of aircraft assets with a long remaining lease term to our fleet, and as part of these transactions, we welcome six new airline customers to our globally diverse customer base.”

He added that the acquisition of these aircraft, expected to be completed by the end of 2024, is anticipated to result in a 4% nominal improvement in their next-generation, fuel-efficient fleet composition on a pro forma basis.

In March, DAE signed a $420 million, five-year unsecured term loan agreement with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited (CCB) to support its future financial needs.

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