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Emaar sells 4% stake in DAE to Investment Corporation of Dubai

Listed real estate giant was among the initial investors in aircraft leasing company Dubai Aerospace Enterprise

Emaar has sold its stake in DAE to Dubai's ICD.
Emaar has sold its stake in DAE to Dubai's ICD.

Dubai Aerospace Enterprise (DAE) announced its buyback of approximately 4% common shares that were previously owned by listed real estate company Emaar Properties, and the aircraft leasing company is now fully owned, directly and indirectly, by Dubai’s principal investment arm, Investment Corporation of Dubai (ICD). 

A DAE spokesperson said the transaction would have no impact on its capital adequacy ratios.

Deputy chief executive officer of ICD, Khalifa H Al Daboos, said: “Emaar was part of the initial investor group along with ICD when DAE was incorporated in 2006.

"We value the support they have provided over the years to grow DAE into the strong market leader it is today.”

CEO of DAE, Firoz Tarapore, added: “DAE’s capital position has gone from strength to strength over the years and we are delighted to be able to complete this transaction in the second quarter without any impact on our capital adequacy and liquidity metrics.”

DAE has also signed a new long-term unsecured revolving credit facility worth $440m (AED1.6bn) with First Abu Dhabi Bank and HSBC Bank Middle East Limited as bookrunners and mandated lead arrangers.

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Construction Week - Issue 747
Aug 03, 2019