Dubai government enters airline leasing business
communities.canada.com
A holding company owned by the Dubai government has its sights set on becoming a big player in the global aerospace business.
Dubai Aerospace Enterprise, which got its start in 2006 with US$15-billion in money from the country’s ruling Maktoum family, last week bought 228 Airbus and Boeing commercial planes at the Dubai Air Show and now plans to become one of the world’s largest lessors of airplanes.
This puts Dubai Aerospace Enterprise in direct competition with the main players in the business, International Lease Finance Corp. (ILFC), and GE Commercial Aviation Services.
Steven Udvar-Hazy, ILFC's chairman and chief executive, doesn't seem worried, according to the WSJ report: “DAE is entering near the top of the market and is paying much higher prices for the same planes ILFC already had on order.” He also predicts it will take DAE up to a decade to establish itself as a major competitor.
