Dubai Aerospace Enterprise, the Middle East’s biggest aircraft lessor with a $14 billion (Dh51bn) fleet, signed a deal for an unsecured revolving $480 million credit facility with local and regional banks as it seeks to diversify its sources of funding.
The four-year deal can be extended to up to $800m and has both Islamic and conventional tranches, DAE said in an emailed statement on Monday. Al Ahli Bank of Kuwait, First Abu Dhabi Bank and Noor Bank helped arrange the facility.
The deal “adds to the unsecured component of our liquidity profile, increasing our unsecured revolving credit facilities to $1.125bn to $1.445bn depending on the final committed amount of this facility,” Firoz Tarapore, chief executive of DAE said.
The state-owned company is in talks with Airbus and Boeing for an order of 400 narrow-body jets and may expand its portfolio through the acquisition of another lessor if there’s no agreement with the planemakers. DAE is growing its fleet further after it acquired Dublin-based lessor AWAS last year in a deal that propelled it to the top ranks of global aircraft lessors, swelling its portfolio to nearly 400 planes.
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Read more
[ Dubai Aerospace in talks to place multi-billion dollar order for 400 jets ]
[ Exclusive: Oman considers IPO of airports company by 2020 amid privatisation drive ]
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DAE is also considering the issuance of a $500m sukuk and could tap the market either later this year or in 2019, depending on market appetite, Tarapore said in April. In 2017, DAE raised $2.3bn in senior bonds split across three tranches in the US to fund its acquisition of Awas.
On a pro forma basis as of December 2017, if the new facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 per cent to reach a range of 31 per cent to 34 per cent, Tarapore said.
The facility will support DAE’s purchase of the aircraft, spare engines and pre-delivery financing that it intends to dispose of or refinance, Al Ahli Bank of Kuwait said in an emailed statement.
Legal council for the lenders were Clyde& Co and for the borrowers Clifford Chance.
DAE’s leasing and engineering divisions serve more than 125 airline customers from its seven locations in Dubai, Dublin, Amman, Singapore and the US, according to its website.
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Director: Maggie Gyllenhaal
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Rating: 4/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Keep it fun and engaging
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His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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Company name: Almouneer
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Sector: FinTech / PropTech
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Investment stage: Series A
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Fireball
Moscow claimed it hit the largest military fuel storage facility in Ukraine, triggering a huge fireball at the site.
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"On the evening of March 24, Kalibr high-precision sea-based cruise missiles attacked a fuel base in the village of Kalynivka near Kyiv," the Russian defence ministry said in a statement.
Ukraine confirmed the strike, saying the village some 40 kilometres south-west of Kyiv was targeted.
Company profile
Company name: Fasset
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Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
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The years Ramadan fell in May
Barcelona 3
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