Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, expects air traffic to start rebounding by the middle of next year and is looking for more deals with airlines to buy and lease back their jets.
Chief Executive Firoz Tarapore told Reuters on Thursday that air traffic would rebound faster than expected, possibly as soon as early 2021 in a best case scenario, though the middle of next year is more likely.
DAE, which is owned by sovereign wealth fund Investment Corporation of Dubai, said on Wednesday that it had secured 31 sale and lease back agreements this year that will expand its portfolio by a net $1.1 billion.
But group profit fell to $167.3 million for the nine months to Sep. 30 from $260.5 million a year earlier as airlines delayed rent payments due to the pandemic.
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