Dubai Aerospace Enterprise Secures New US$420 Million 5-Year Unsecured Term Loan

Dubai Aerospace Enterprise Ltd (DAE) signed a $420 million five-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited (CCB) to support future financing requirements.

Firoz Tarapore, Chief Executive Officer of DAE, said the enterprise is "delighted to announce this transaction, reflecting a further deepening of an already strong relationship with the DIFC Branch of one of the world's leading banking organizations," WAM reported.

He noted that this term loan will help strengthen already exceptional liquidity, which stood at US$4.1 billion at the end of 2023. Tarapore expressed his gratitude to CCB DIFC Branch and CCB (Asia) for their constant support.

Yuan Shengrui, Senior Executive Officer at China Construction Bank (DIFC Branch), expressed excitement over this collaboration with the DAE, a globally significant enterprise in the aviation sector.

"We are dedicated to maintaining a customer-centric approach, leveraging CCB Group's competitive advantage in the financial market and continue to strive to provide DAE with a more diverse range of financial products and services," he said.

Daphne Wat, Deputy Chief Executive at China Construction Bank (Asia) Corporation Limited, said, "We are honored to have supported DAE as the Global Coordinator of this landmark transaction. We look forward to continuing the partnership with DAE with our strong presence in the aviation sector and proficiency in the Hong Kong syndication market," Wat said.

Last year, Sanad, an Aircraft maintenance company in Abu Dhabi, owned by Mubadala Investment Company, entered an agreement with Ohio's Aerospace company GE Aerospace and Safran Aircraft Engines, which is a French commercial and military aircraft engine manufacturer.

Later, Moro Hub - the digital arm of Dubai Electricity and Water Authority (DEWA) - signed an agreement with a French-based IT company, Thales - that provides services to the aerospace, defense, transportation, and security sectors - to enhance physical and cybersecurity services in the UAE.