DAE secures $800m credit for expansion

22/01/2009 - Dubai Investment News
DAE secures $800m credit for expansion

Dubai Aerospace Enterprise (DAE) has announced that it has secured an $800 million (£579 million) credit facility to further establish Dubai as a regional and global air transport hub.

The finance, which is supported by Citibank, Deutsche Bank, Emirates Bank International, Lloyds TSB Bank and Noor, will be made available for general corporate uses, DAE announced.

Dr Omar bin Suleiman, DAE group managing director, said that the new credit facility would allow the company to build on its ambitions becoming a world-leading aerospace business.

He added: "DAE is determined to support Dubai's continued emergence as a globally renowned aerospace centre and aviation hub."

Such news may well be of interest to those who are considering in investing in UAE property.

In other recent announcements, DAE confirmed last month that it had finalised a long-term lease agreement with Air New Zealand for two extended range Boeing 777-300s.