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Dubai's DAE in talks on $2.5 bln aircraft order PDF Print E-mail
Monday, 02 June 2008

REUTERS, DUBAI - State-controlled Dubai Aerospace Enterprise (DAE) said it was in talks to buy 50 aircraft worth a total of about $2.5 billion to expand its leasing business.

DAE, which last year ordered up to $13.5 billion of aircraft from Airbus, is looking to buy single- and twin-aisle planes over the next 18 months, including Boeing Co 777s and Airbus A330s, Bob Genise, Chief Executive Officer of DAE Capital, told Reuters on Sunday.

DAE Capital is DAE's aircraft leasing unit.

"Despite the rise in jet fuel prices, there are pockets of strong performance," Genise said by telephone. DAE Capital could buy some of the aircraft from airlines and lease them back, he said.

Last year, DAE bought $1.5 billion of aircraft from Dubai state-owned Emirates and GE Commercial Aviation Services (GECAS), a unit of GE. It paid $1 billion for 20 planes from GECAS and $500 million for eight A330s from Emirates.

Genise declined to be more specific about which companies with which he is in talks.

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