Dubai Aerospace Enterprises Limited, a global leader in aviation services, has announced the signing of agreements to secure new long-term, unsecured revolving credit facilities totaling $2.8 billion.
These new facilities will replace existing ones valued at $1.4 billion, with a maturity date set for March 2031. With the addition of these new arrangements, the company’s total revolving credit facilities will increase to approximately $4 billion.
The new revolving credit facilities will comprise commitments in both US dollars and UAE dirhams, including a total of $2.3 billion in conventional financing and $0.5 billion in Sharia-compliant liquidity provided by 15 global financial institutions. Emirates NBD and First Abu Dhabi Bank have been appointed as the lead coordinators for the conventional facilities, while Abu Dhabi Islamic Bank has been designated as the lead coordinator for the Sharia-compliant financing.
Commenting on this development, Firoz Tarapore, CEO of Dubai Aerospace Enterprises, stated, “We are pleased to announce these new facilities that bolster the company’s liquidity strength. By leveraging both conventional and Sharia-compliant funding sources, these agreements demonstrate Dubai Aerospace’s ability to access liquidity from our local banking partners and a diverse range of premier global financial institutions.