Now Reading
Dubai Aerospace Enterprise to buy majority stake in Jordan Aircraft Maintenance

Dubai Aerospace Enterprise to buy majority stake in Jordan Aircraft Maintenance

The terms of the deal were not disclosed

Government controlled aircraft leasing firm Dubai Aerospace Enterprise (DAE) has agreed to acquire 80 per cent of Jordan Aircraft Maintenance Limited (Joramco) from Abraaj Group.

Joramco provides aircraft maintenance, repair and overhaul for customers in the Middle East, Europe, South Asia, Africa, Russia and the CIS countries from its base in Amman’s Queen Alia International Airport. It services aircraft by manufacturers Airbus, Boeing and Embraer.

The terms of the deal, which follows DAE’s 2015 sale of US aircraft maintenance firm StandardAero for an estimated $1.8bn, were not disclosed.

Read: Dubai Aerospace sells US aircraft maintenance firm StandardAero

“Joramco with its experienced staff provides a high quality product at a very competitive price to regional and global airlines,” said DAE managing director Khalifa H. AlDaboos.

“We welcome Joramco to the DAE family and look forward to working with the management to accelerate the growth trajectory of the company by expanding its product offerings, customer reach and geographic area of focus.”

DAE is majority owned by Investment Corporation of Dubai (ICD) with other shareholders including Dubai International Capital, Dubai Silicon Oasis Authority and Emaar Properties.

Reports in 2014 suggested ICD intended to increase its stake in the firm, which at the time stood at 55 per cent.

Read: Dubai State Fund ICD To Up Dubai Aerospace Stake In Latest Asset Shuffle

DAE holds a leasing portfolio of 78 aircraft worth $4bn, according to its website, with a customer base including Emirates, Oman Air, Turkish Airlines and Virgin Australia.

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top