Last Updated : Nov 15, 2020 03:41 PM IST | Source: Moneycontrol.com

Dubai Aerospace Enterprise plans to expand portfolio to 450 jets in 2021: Report

CEO Firoz Tarapore said Dubai Aerospace Enterprise's liquidity is 'super strong', so it can fund the expansion

The Middle-East's biggest plane-leasing firm Dubai Aerospace Enterprise (DAE) is planning to expand its portfolio to 450 planes next year despite a fall in its profits due to the COVID-19 pandemic.

"If we do our job correctly in 2021, 450 is the minimum fleet size that DAE is targeting," Bloomberg quoted Dubai Aerospace Enterprise CEO Firoz Tarapore as saying. Currently, the state-owned company owns 381 planes, while committed to adding 31 jets valued at $1.1 billion.

Emirates turns to Dubai to see it through crisis after $3.4 billion loss

Tarapore also added that his firm's liquidity is "super strong", so it can fund the expansion. Earlier, the profit for nine months ended September 2020 depreciated by more than a third to $167.3 million in comparison to the previous year.

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Meanwhile, Emirates said on November 12 that Dubai would help it through the coronavirus crisis after losses of $3.4 billion, which tipped the airline's holding company into its first half-year loss. Its Chairman Sheikh Ahmed bin Saeed al-Maktoum said that the Dubai government would support the airline on its recovery path.

The Emirates saw revenue plunge 74 percent to $3.7 billion and made a loss of $3.8 billion. The last time Emirates airline reported a loss was for the financial year 1987-88
First Published on Nov 15, 2020 03:40 pm