Dubai Aerospace Enterprise signs $480m loan deal

The Dubai Aerospace Enterprise (DAE) announced yesterday that it had signed a four year $480 million loan deal.

The government owned company said in a statement that the agreement allows for increasing the loan to $800 million at any time.

According to the statement, the loans will include finance tranches from conventional and Islamic banks which will support the company’s future financial needs.

DAE Chief Executive, Firoz Tarapore, said the loan will help increase the company’s unsecured revolving credit facilities to between $1.1-$1.4 billion.

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