Dubai Aerospace Enterprise (DAE), the world's leading provider of aviation services, announced today the signing of agreements to secure new long-term unsecured revolving credit facilities totaling $2.8 billion. These new facilities will replace existing facilities of $1.4 billion, with the new facilities maturing in March 2031. The new revolving credit facilities consist of US dollar and UAE dirham commitments, totaling $2.3 billion in traditional financing and $0.5 billion in Sharia-compliant liquidity, provided by 15 international financial institutions. Emirates NBD Bank and First Abu Dhabi Bank have been appointed as joint mandated lead arrangers for the traditional facilities, with Abu Dhabi Islamic Bank appointed as the joint mandated lead arranger for the Sharia-compliant facilities. Commenting on the announcement, DAE's Chief Executive Officer, Firouz Tarapore, said: "We are pleased to announce these new facilities, which enhance the company's liquidity strength. By leveraging both conventional and Sharia-compliant financing sources, these agreements underscore DAE's ability to access liquidity from our local banking partners and a diverse group of leading global financial institutions."
