Dubai Aerospace Industries receives USD750M loan from Emirates NBD
(MENAFN) Dubai Aerospace Enterprise (DAE) has announced a significant milestone with the signing of a deal with Emirates NBD, one of the largest lenders in the UAE, to obtain an unsecured loan amounting to 2.75 billion dirhams, equivalent to USD750 million. This five-year loan is intended to serve general corporate purposes and bolster the company's capacity to meet its future financing requirements.
The agreement underscores DAE's commitment to fortifying its financial position and enhancing its liquidity profile. Firoz Tarapore, CEO of DAE, emphasized the strategic importance of the deal in strengthening the company's relationship with Emirates NBD, reflecting a collaborative partnership between two prominent entities within the UAE's financial landscape. Tarapore noted that the loan facility not only provides vital support for DAE's ongoing operational activities but also positions the company for sustained growth and resilience in a dynamic market environment.
As a leading provider of aircraft leasing and aviation services globally, DAE's access to additional funding from Emirates NBD underscores the confidence placed in the company's business model and strategic vision. The loan facility is expected to enable DAE to capitalize on emerging opportunities in the aviation sector and navigate evolving market dynamics with greater flexibility and confidence.
The collaboration between DAE and Emirates NBD signifies a synergy between two industry leaders committed to driving innovation, growth, and sustainability within the UAE's vibrant financial and aviation sectors. With this significant financial arrangement in place, DAE is poised to reinforce its position as a key player in the global aviation industry while contributing to the continued economic prosperity of the UAE.
MENAFN04042024000045015682ID1108058104
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.