DAE on track for $1.1bn target of sale-and-leaseback deals in 2021, CEO says | The National
Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane lessor, expects a recovery in air traffic by mid-2021 and is on track to meet a target of $1.1 billion in deals with airlines to buy and lease back their aircraft this year, its chief executive said.
The company sees a "vigorous snapback" in travel demand in the summer if Covid-19 vaccine supplies increase, new vaccines are developed and there is a favourable outcome from current lockdown measures in Europe, Firoz Tarapore told The National.
"As we stand here on February 10, I would say that our central case is very much in play, and the snapback will be an important milestone for resumption to pre-2020 activity in the near future after that," Mr Tarapore said. DAE will reassess its prediction by the end of February, he said.
The state-owned company expects a "solid" pipeline of deals and is on track to do more business in 2021 than last year.
"A lot of airlines fundamentally believe that demand for air traffic will ultimately be as robust as it has been over last few decades and the resumption to that trend is also going to be quite rapid," Mr Tarapore said. "For the most part, airlines want to make sure they have equipment so that when air travel demand comes back they can meet that as opposed to miss out."
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