Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) on Wednesday announced that it has inked a new four-year unsecured revolving credit facility with Emirates NBD as sole mandated lead arranger and bookrunner.

The initial commitment of $535 million is from a group of eight regional lenders, Investment Corporation of Dubai's (ICD) unit said in a statement.

This will allow the facility to be increased to up to $600 million at any time after the initial closing, DAE noted. 

Commenting on the credit facility deal, Firoz Tarapore, CEO of DAE, said, it “reinforces the strong availability of liquidity in the market and the confidence in DAE’s strategy and reputation. The addition of this facility substantially enhances our financial flexibility and provides yet another element of diversification to our funding strategy.” 

The credit facility will help the carrier in its future financing needs.

“This transaction demonstrates Emirates NBD’s strong commitment to supporting DAE as part of our long-term strategic partnership,” Ahmed Al Qassim, executive vice president and head of corporate banking for ENBD, said.

It is worth noting that DAE serves over 125 airline customers across the world from its seven locations in Dubai, Dublin, Amman, Singapore, and the US.