Subscribe Free
in Business & Finance

DAE signs new US$300 million four-year unsecured term loan

Posted 21 January 2020 · Add Comment

Dubai Aerospace Enterprise (DAE) has signed a US$300 million four-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation.

 

The principal amount of the loan can be increased to $500 million. The loan will support the future financing needs of the business.

 

Firoz Tarapore, chief executive Officer of DAE said: “We are delighted to start the new year 2020 with a meaningful and sizeable transaction with the DIFC branch of one of the world’s leading banking organizations. We look forward to deepening our relationship with CCB in the future.”

 

Yuan Shengrui, senior executive officer at China Construction Bank (DIFC Branch) said: “CCB DIFC Branch is delighted to have been given the opportunity to co-lead this successful transaction. It is a privilege to assist DAE in their financing requirements and we look forward to further collaborations in future.” 

 

“This syndication is the first financing which CCB Group arranged for DAE, and we are pleased to have the opportunity to be involved with closing such a successful deal. It demonstrates that DAE is a well-established borrower, which commands significant interest in both Asia and Middle East banking market. We look forward to continuously leveraging on CCB’s overseas network and resources to deepen our partnership with DAE and promote closer business collaboration in the future.”

Other Stories
Advertisement
Latest News

Algeria to get 14 Su-57 fighters from Russia

Algeria has reportedly signed a contract to purchase 14 Russian Su-57 fighters, becoming the first customer of the fifth-generation stealth jets outside Russia. Jay Menon reports.

Gulf Air gears up for F1 Gulf Air Bahrain Grand Prix

Gulf Air has started its countdown to be the title sponsor of F1 Gulf Air Bahrain Grand Prix which will take place between 27-29 November.

Dnata launches dedicated inflight retail unit

Dnata has launched a dedicated inflight retail centre of excellence.

Swissport expands its services in Saudi Arabia

Swissport International has added Al-Qassim to its growing network in the Middle East. Last week, a first flight of Pakistan International Airlines has been handled successfully at Prince Naf Bin Abdulaziz International Airport

Emirates completes refund backlog

Emirates has completed an intensive programme to clear its backlog of refund requests which was caused by pandemic-related travel disruption.

Qatar Airways Cargo appoints Wexco

Qatar Airways Cargo has appointed Wexco, a part of ECS Group, as its general sales agent (GSA) in Australia. Jay Menon reports.

Airport Show SK2710091220
See us at
CONNECT BT0610090421MEBAA Show 2021 BTSaudi International Airshow 2021World Defence Show 2022Aviation MENA 2021