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Tuesday, November 24 - 2009

DAE Capital signs up Air New Zealand

  • United Arab Emirates: Monday, December 29 - 2008 at 10:26
  • PRESS RELEASE

DAE Capital, the aircraft leasing and financial business arm of Dubai Aerospace Enterprise (DAE), has signed a long-term leasing agreement with Air New Zealand for two Boeing 777-300 Extended Range aircraft.

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DAE Capital has signed up the New Zealand flag carrier in a sale and leaseback financing agreement. The deal will see two new Boeing 777-319ER aircraft join DAE Capital's fast growing fleet portfolio, with a lease term of 12 years.

Representing two of Air New Zealand's four aircraft on order with Boeing, the B777-319ERs are due for delivery in January and March 2011 and both aircraft will be equipped with GE 90-115BL engines. Air New Zealand currently operates 50 jet aircraft on routes to 32 city destinations in 16 countries.

H.E. Dr. Omar Bin Sulaiman, DAE Group Managing Director, said:
"In a short space of time, DAE has grown to represent a major force in the aerospace sector, and this latest agreement is testament to the trust and confidence operators have in our world-class leasing capabilities."


Bob Genise, CEO of DAE Capital said, "We are delighted to sign up Air New Zealand with this leasing agreement. It represents further evidence of how our attractive leasing proposition can readily benefit airlines by improving both cash flow and fleet management."

Mr Rob McDonald, Air New Zealand CFO said, "The airline was pleased to conclude the agreement and looked forward to a constructive relationship with DAE Capital."

DAE Capital currently has a leasing fleet comprising of 33 aircraft. It also has more than 200 Boeing and Airbus aircraft on order, with deliveries commencing in 2010.

The Dubai-headquartered company is rapidly establishing itself as a world-class aircraft leasing business.
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Notes and media contacts

About DAE Capital:
DAE Capital is part of Dubai Aerospace Enterprise, a fast developing global aerospace, manufacturing and services corporation made up of six divisions. The others are DAE Engineering, DAE Services, DAE Manufacturing, DAE Airports, and DAE Flight Academy.

Being established as an aircraft leasing and finance business, DAE Capital aims to become one of the largest aircraft leasing companies serving an international market, inside the next decade. It aims to support the incredible demand for new aircraft globally, with a balanced quality portfolio of single-aisle and wide-body aircraft.

DAE Capital offers clients and investors a proposition few others can match. As one of six divisions of DAE, the group provides a synergised cluster of aerospace services, allowing customers to benefit from a world-class shared knowledge and service pool. Its unrivalled position allows it to provide advanced value-added services to airlines in conjunction with the other DAE segments such as engineering, maintenance, repair and overhaul.

DAE Capital seeks to become an integral part of the global aerospace industry and a leading player on the world stage in terms of aircraft leasing and finance.


About DAE:
DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions: DAE Capital, DAE Engineering, DAE Services, DAE Manufacturing, DAE Airports, and DAE Flight Academy.

Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central - the new 140 square kilometre airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.

DAE's shareholders include the Government of Dubai, Dubai International Capital, DIFC Investments LLC, EMAAR, ISTITHMAR World, Dubai Silicon Oasis (DSO), AMLAK Finance.

For further information, please contact:
Dana Salloum
PR Specialist
Marketing & Corporate Communications
Dubai Aerospace Enterprise
P O Box 506592, Dubai, United Arab Emirates
T: +971 4 4289 546
F: +971 4 4250 382

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