Travel, Tourism & Hospitality
DAE signs new $420m 5-year unsecured term loan
Dubai Aerospace Enterprise (DAE) said it has signed a $420 million unsecured term loan with leading banks in bid to support its future financing needs. This 5-year loan will serve to further boost its liquidity, which stood at $4.1 billion by 2023-end.
Dubai Aerospace Enterprise (DAE) said it has signed a $420 million unsecured term loan for a 5-year tenure with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited (CCB).
The loan will support the future financing needs of the business, it stated.
On the transaction, CEO Firoz Tarapore said: "This reflects a further deepening of an already strong relationship with the DIFC Branch of one of the world’s leading banking organizations. This term loan will serve to further strengthen our already exceptional liquidity, which stood at $4.1 billion at the end of 2023."
Yuan Shengrui, Senior Executive Officer at China Construction Bank (DIFC Branch), said it is dedicated to maintaining a customer-centric approach, leveraging CCB Group's competitive advantage in the financial market and will continue to strive to provide DAE with a more diverse range of financial products and services.
Daphne Wat, Deputy Chief Executive at China Construction Bank (Asia) Corporation Limited, expressed delight at having supported DAE as the global co-ordinator of this landmark transaction.
"We look forward to continuing the partnership with DAE with our strong presence in aviation sector and proficiency in Hong Kong syndication market," he added.-TradeArabia News Service