Aircraft

FARNBOROUGH 2008: DAE leasing arm to acquire 18 Emirates 747-8Fs, 777Fs

By David Kaminski-Morrow

Middle East aviation firm Dubai Aerospace Enterprise’s leasing division is to acquire 18 Boeing 747-8 and 777 freighters from Dubai-based long-haul carrier Emirates in a purchase and leaseback agreement.

The agreement for 10 747-8Fs and eight 777Fs will give the lessor, DAE Capital, a total portfolio of nearly 50 aircraft, with a further 200 Airbus and Boeing types on order from the company.

DAE Capital confirmed the latest agreement during the Farnborough air show. Chief executive Bob Genise says: “This demonstrates that we have what it takes to develop a significant global aircraft leasing and finance business from a standing start.”

Emirates has already agreed to transfer eight Airbus A330s to DAE. The carrier ordered the eight 777Fs in late 2005 and the 747-8Fs in the following year.

“This agreement will help Emirates continue to operate our fleet efficiently and with maximum utility,” says Emirates president Tim Clark.

DAE Capital also agreed last year to acquire 20 Airbus A320 and Boeing 737 aircraft from lessor GE Commercial Aviation Services.

Source: Flightglobal.com's sister premium news site Air Transport Intelligence news