Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) is said to be planning to tap the sukuk market in the next nine months in the context of it diversifying its funding resources, Reuters reported on Monday, citing DAE CEO Firoz Tarapore as saying.
DAE is considering the sukuk issue “very soon”, Tarapore told Reuters, noting that the issue will “most definitely take place by the mid-2018.
However, DAE’s CEO did not mention the exact sum that will be raised by the company.
“DAE wants to change its capital structure to include a higher percentage of unsecured debt,” the top official stated, according to Reuters.
Tarapore further noted that DAE “intends to be a repeat benchmark issuer in the US debt market.”
A benchmark issue usually entails issues exceeding $500 million.
Following the acquisition of the Dublin-based AWAS in August, Dubai Aerospace became one of the world’s largest aircraft lessors.
