Future Unclear for DAE Capital as It Scraps Orders | Aviation International News

Future Unclear for DAE Capital as It Scraps Orders

Dubai Aerospace Enterprise has declined to confirm or deny reports that its leasing arm, DAE Capital, has cancelled all remaining airliner orders with Airb

Dubai Aerospace Enterprise has now scrapped all remaining orders for Airbus airliners, less than four years after signing its first multibillion-dollar deal with the European airframer at the 2007 Dubai Air Show. (Photo: David McIntosh)

By Charles Alcock • Managing Editor

July 18, 2011

Dubai Aerospace Enterprise has declined to confirm or deny reports that its leasing arm, DAE Capital, has cancelled all remaining airliner orders with Airbus. But the European airframer has acknowledged that the Middle East group is not currently a customer and its published orders tally does indeed confirm that orders for 34 A320s and 11 A350-900s are no longer on the books.

On July 14, Boeing reported that DAE has scrapped an order for thirty-five 737 narrowbodies, leaving it holding orders for 15 of the new 747-8 freighter and half a dozen 777s. Meanwhile, DAE is seeking to renegotiate the terms of an $800 million bank loan that falls due for payment on July 23. On June 29, the company confirmed that CEO Robert Genise had left the company.

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