Dubai: Dubai Aerospace Enterprise (DAE) Ltd announced on Tuesday that it has signed agreements to enter into new long-term, unsecured revolving credit facilities worth US$2.8 billion. These new facilities replace an existing $1.4 billion facility and extend the maturity date to March 2031, effectively increasing DAE's revolving credit facility capacity to approximately $4 billion.

According to Emirates News Agency, the new revolving credit facilities include both United States Dollar and United Arab Emirates Dirham commitments, totaling $2.3 billion in conventional funding and $0.5 billion in Shari'a-compliant liquidity from 15 global financial institutions. Emirates NBD and First Abu Dhabi Bank played roles as Initial Mandated Lead Arrangers on the conventional facility, while Abu Dhabi Islamic Bank acted as Mandated Lead Arranger on the Shari'a-compliant facility.

Firoz Tarapore, Chief Executive Officer of DAE, stated, "We are delighted to announce these new facilities, which further bolster DAE's liquidity strength." He emphasized that by tapping both conventional and Shari'a-compliant sources of funding, the transaction highlights DAE's exceptional access to liquidity from both local banking partners and a globally diversified group of leading financial institutions.