Dubai Aerospace Enterprise (DAE) said it would buy 80 per cent of the commercial aircraft maintenance firm Jordan Aircraft Maintenance (Joramco) from The Abraaj Group.
DAE holds an aircraft leasing portfolio of 78 aircraft. Joramco is located in the free zone area of Queen Alia International Airport in Amman, Jordan, with five hangars accommodating up to 10 aircraft.
“Joramco with its experienced staff provides a high-quality product at a very competitive price to regional and global airlines,” said Khalifa AlDaboos, managing director of DAE.
Last week Abraaj also revealed it had exited its investment in the Latin American grocery store operator Koba International Group.
It sold its stake to the Los Angeles private equity firm Capital Group Private Markets, which made the investment through its US$3 billion Capital International Private Equity Fund VI.
ascott@thenational.ae
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