Dubai Aerospace Enterprise, one of the world's biggest aircraft lessors, said it has signed an agreement to acquire 23 planes from several parties for a sum of about $1.1 billion.
The aircraft portfolio has a weighted average age of 3.4 years, an average lease term of 8.8 years and is on lease to 13 airlines in nine countries, DAE said in a statement on Wednesday.
"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," said Firoz Tarapore, chief executive of DAE.
More than 90 per cent of the acquired planes are narrow-bodies and the deal will be financed through the company's internal liquidity, DAE said in an emailed response to questions.
The company declined to provide details on the models, the companies from which the jets were bought and the airline customers that will lease them.
As global air travel demand soared after the Covid-19 pandemic, airlines have rushed to order new planes. However, problems in the aerospace supply chain and aircraft maintenance industry, including labour shortages and engine issues, have resulted in delivery delays of new jets. This has complicated airlines' growth plans and increased their frustration with prolonged supply chain headaches.
DAE recorded profit of $148.8 million in the first six months of this year, up from $141.1 million in the same period last year.
Total revenue rose to $679.2 million for the six months ending June 30, compared to $670.1 million in the same period of 2023.
The company's available liquidity stood at $4.9 billion on June 30, compared to $4.1 billion at the end of last year. Its liquidity coverage ratio – the proportion of highly liquid assets companies keep to ensure they can meet short-term obligations – was 241 per cent at June 30, compared to 290 per cent at December 31.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
- Master on-camera presence and advanced script writing
- Beating the algorithm and reaching your core audience
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
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