First Published: 2017-04-24

Dubai Aerospace to triple size with plan to buy AWAS
DAE’s purchase of AWAS Aviation Capital is set to be completed in third quarter of 2017.
Middle East Online

DUBAI - Dubai Aerospace Enterprise (DAE), the largest aircraft-leasing company in the Middle East, announced Monday plans to buy Dublin-based AWAS Aviation Capital, a move that will triple its size.

The purchase is due to be completed in the third quarter of 2017 and expected to triple the value of DAE's owned and operated aircraft from $4.5 billion (4.1 billion euros) to $14 billion, a statement said.

"The acquisition of AWAS ... propels DAE into a top 10 aircraft leasing platform," said Khalifa Al-Daboos, managing director of the Dubai-based company.

Government-controlled DAE said that after the purchase is completed it will own and manage a fleet of more than 394 aircraft and serve over 110 airline customers in over 55 countries.

Twenty-three new aircraft are scheduled for delivery to DAE by the end of 2018.

DAE gave no further details about the deal.

The company currently holds an aircraft leasing portfolio of 104 aircraft worth approximately $4.5 billion, according to its website.

The transaction will use funds managed by AWAS shareholders Terra Firma Capital Partners and the Canadian Pension Plan Investment Board, DAE said.

Terra Firma currently owns 75 percent of AWAS, with the Canadian Pension Plan Investment Board holding a 25 percent stake.

 

Erdogan seeks to defuse standoff around Turkey’s Qatar

Arab League accuses Israel of 'playing with fire' at holy site

Syria warplanes strike near Damascus despite ceasefire

600,000 Yemenis expected to contract cholera in 2017

Foreign food chains hoping for taste of Iran market

US warns Iran over imprisoned Americans

Kuwait protests to Lebanon over Hezbollah training

30 extremists in Sinai operations

Three Palestinians shot dead in Jerusalem

Nearly 360 injured in Turkey by magnitude 6.7 quake

UN says Saudi to blame for deadly Yemen strike on civilians

Police fire tear gas to disperse Morocco protest

Germany reviews arms sales to Turkey

Hezbollah launches Syria border operation

China calls for Gulf crisis talks

Israel bars men under 50 from Jerusalem Old City prayers

Intensifying Jihadist-rebel clashes in Syria's Idlib

Saudi King sets up new state security agency

Rebel ambush kills 28 regime fighters near Damascus

Turkey slams 'dangerous' Cyprus energy plans

Saudi prince 'arrested over leaked abuse videos'

Israel boosts 'security measures' as Al-Aqsa tensions simmer

Kuwait expels Iranian diplomats over 'terror' cell

Germany vows to overhaul Turkey ties as row escalates

Home cooked meals a relief for fighters in Syria's Raqa

US maintains designation of Iran as top 'state sponsor'

US halting support for Syria rebels

30 civilians dead in anti-IS strikes in Syria

Palestinian civilians urge ICC to speed up probe

Turkey PM opts for stability in light cabinet reshuffle

UN aid flight carrying journalists barred from Yemen

Former IS slaves fight for revenge in Raqa

US, Iran trade tit-for-tat sanctions

20 Yemeni civilians killed in air strike

14 killed in opposition infighting in Syria's Idlib

Morocco sentences 25 to prison over W. Sahara killings

Egypt police kill top militants

Heavy rainfall hits Istanbul causing transport chaos

Palestinians protest Israeli security measures at Al-Aqsa compound

Saudi police question woman who wore miniskirt

Rebels, US-backed Kurds clash in northern Syria

Netanyahu says Hungary is 'standing up for' Israel

Lebanon army to launch operation near Syria border

Morocco delays currency reform amid speculation

Iran parliament vows to fight US 'adventurism'