Dubai, U.A.E., – Dubai Aerospace Enterprise (DAE) Ltd (“DAE”) today announced that it had recently received cash proceeds totaling approximately US$282 million from settlements with selected insurance companies with respect to aircraft previously on lease to airline carriers in the Russian Federation. DAE and its relevant affiliated entities have released their claims against these insurance and reinsurance companies.
DAE has now received cumulative cash proceeds of US$601 million including settlements announced in 2023 and 2024 with various parties.
DAE will continue to actively pursue its litigation in the English courts under its own insurance policies. DAE will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to airline carriers in the Russian Federation.
About DAE
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE Capital is an award-winning aircraft lessor with an owned, managed, and committed fleet of approximately 500 Airbus, ATR, and Boeing aircraft with a fleet value of US$20 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s web site at www.dubaiaerospace.com.
