Aircraft lessor Dubai Aerospace Enterprise has completed the acquisition of Sky Fund I Irish and its subsidiaries.
Following the deal, DAE Capital’s fleet of owned, managed and committed aircraft, as well as those it has a mandate to manage, will grow to about 500, DAE said on Monday.
About half of its owned portfolio will comprise fuel-efficient, next-generation aircraft.
The value of the transaction, which was closed on November 18, was not provided.
“This acquisition of mainly next-generation, fuel-efficient aircraft supports our continued growth and furthers our commitment to invest in new technology aircraft, reducing the emissions intensity of our overall fleet,” said DAE chief executive Firoz Tarapore.
“We are delighted to welcome our new airline relationships to the business, and deepen our relationship with existing airline customers.”
Ireland-based Sky Fund I owns and is committed to own 36 aircraft on lease to 14 airline customers in 11 countries. Aircraft with next-generation technology represent more than 90 per cent of the acquired portfolio.
The deal was initially announced in October when DAE said it had signed a definitive agreement to acquire 100 per cent of Sky Fund I Irish and its subsidiaries, with the transaction expected to be funded by internal resources.
“The global shortage of aircraft availability and a rising interest rate environment is resulting in higher lease rental rates and robust residual values for the existing fleet,” Mr Tarapore said in November, when the company released its nine-month results.
“We continue to see demand for aircraft from airlines globally as travel demand remains resilient.”
Passenger demand for air travel has made a strong rebound, particularly during the peak summer season, as international borders reopened and coronavirus restrictions eased.
Air travel has recovered and is driving up airline demand for aircraft. However, the duration of this boom is in question as increasing inflation cuts into consumer spending while understaffing at airports and airlines makes travel a hassle.
Meanwhile, supply chain strains facing the aerospace industry are delaying aircraft deliveries.
DAE's plane acquisition also comes after the company said it lost control over planes it previously leased to airlines in Russia.
The company leased 22 aircraft to Russian-based airlines but ended the contracts in compliance with western sanctions after the start of the Ukraine war.
DAE repeated that it had “no control” over 19 jets currently in Russia and said it had “no way” to determine whether the aircraft would be returned in the future.
Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km
Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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5pm: Mohamed Yousuf Naghi Motors Cup (Turf), 5.35pm: 1351 Cup (T), 6.10pm: Longines Turf Handicap (T), 6.45pm: Obaiya Arabian Classic for Purebred Arabians (Dirt), 7.30pm: Jockey Club Handicap (D), 8.10pm: Samba Saudi Derby (D), 8.50pm: Saudia Sprint (D), 9.40pm: Saudi Cup (D)
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What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
