Dubai Aerospace delivers first of 18 Boeing aircraft to American Airlines

Dubai Aerospace Enterprise (DAE) has delivered the first of 18 Boeing 737 MAX 8 aircraft to American Airlines, it confirmed on December 13.

The delivery formed part of the Purchase and Leaseback agreement signed in Q3 2020. Delivery of the remaining aircraft is expected to be completed in the coming months, Dubai Media Office reported.

.@dubaiaerospace delivers first of 18 Boeing 737 MAX 8 aircraft to American Airlineshttps://t.co/Ov3gPBK10X pic.twitter.com/9erk0rma1B

— Dubai Media Office (@DXBMediaOffice) December 14, 2020

“We are delighted to be in a position to offer a meaningful solution to American Airlines, a long-term customer of DAE, and to see the Boeing 737 MAX return to service,” said Firoz Tarapore, chief executive officer of DAE.

“We are also pleased to further invest in these technologically advanced and fuel-efficient aircraft types in line with our commitment to environmental sustainability. The Boeing 737 MAX boasts superior fuel efficiency and reduced emissions and noise pollution, underpinning DAE’s commitment to transition its fleet to newer technology assets, reducing the environmental impact of our business and supporting DAE’s customers’ ambitions to become more sustainable operators. Our owned and committed fleet includes 22 Boeing 737 MAX 8 aircraft.”

“We’re pleased with DAE’s ability to help create a purchase and leaseback solution for these 18 aircraft,” said Meghan Montana, American’s vice president and treasurer. “DAE’s ability to facilitate an agreement of this size in today’s environment is a testament to their reputation and their confidence in American Airlines, and we look forward to a successful, ongoing partnership.”

DAE announced last month that it has plans to expand its portfolio to 450 planes next year, even after the coronavirus pandemic weighed down on the company’s profit.

Read: Dubai Aerospace plans to expand portfolio to 450 jets in 2021

The company reported revenues of $672.6m for H1 2020, down 8.5 per cent year-on-year from $735.2m. It also confirmed a slump of over 38 per cent in its net income from January-June.

Read more: Dubai’s DAE reports 38% drop in net income for H1 2020