Dubai Aerospace Enterprise Results: Revenue Rises 13% to $1.45B

Dubai Aerospace Enterprise (DAE) reported a 13% rise in revenue to $1.45 billion (about Dh5.31 billion) for the nine months to September 30, 2026, as its $9 billion purchase of Macquarie AirFinance made it one of the largest aircraft lessors in the world.

The Dubai Aerospace Enterprise results, released on November 10, showed profit before tax and exceptional items rising 9% to $370.7 million from $340.8 million a year earlier. Revenue climbed from $1,277.7 million in the same period of 2025.

Dubai Aerospace Enterprise results at a glance

Operating cash flow eased to $1,088.1 million from $1,127.4 million. The adjusted pre-tax profit margin slipped to 25.6% from 26.7%, and the adjusted pre-tax return on equity fell to 11.8% from 13.6%.

The balance sheet grew sharply after the acquisition. Total assets reached $26.83 billion at the end of September, compared with $16.55 billion at December 31, 2025. Net loans and borrowings rose to $16.75 billion from $10.23 billion.

Leverage stayed broadly stable. Net debt to equity stood at 2.60x against 2.58x at the end of last year. Available liquidity rose to $5.60 billion from $3.40 billion, lifting the liquidity coverage ratio to 440% from 277%.

Macquarie AirFinance deal reshapes the fleet

DAE completed the acquisition of Macquarie AirFinance at the end of July for about $9 billion, up from the $7 billion value given when the deal was announced in February.

During the nine months, DAE acquired 290 aircraft, 272 owned and 18 managed, including the Macquarie AirFinance portfolio. It sold 58 aircraft, 48 owned and 10 managed, and signed 195 lease agreements, extensions and amendments.

The group’s owned, managed and committed fleet now stands at 983 aircraft. Its owned fleet of 716 aircraft makes DAE “the second largest aircraft lessor globally,” chief executive Firoz Tarapore said.

Tarapore said mandates from Blackstone and Neuberger, together with the acquisition, put DAE on a path to a combined fleet of about 1,300 aircraft. He added that liquidity and capital adequacy remain robust after the deal closed.

Integration of Macquarie AirFinance is functionally complete and on track to finish by the end of November 2026, the company said. DAE also announced a purchase and leaseback deal with Saudia covering four Boeing 777F freighters.

Engineering arm feels airspace closures

DAE Engineering, the group’s maintenance, repair and overhaul business in Amman, Jordan, booked about 900,000 man hours and carried out more than 170 checks in the period.

Revenue at the unit remains below target because of persistent airspace closures, Tarapore said. He was positive on the outlook for the northern hemisphere winter months and pointed to a robust pipeline of aircraft inductions.

The Amman facility can handle more than 20 wide-body and narrow-body aircraft at a time and holds approvals from more than 30 regulators.

Why it matters for the Gulf and Asia

DAE is owned by the Investment Corporation of Dubai, the emirate’s sovereign investment arm. Headquartered in Dubai, it serves more than 200 airline customers in over 80 countries.

After the Macquarie AirFinance deal, its owned, managed and committed fleet of Airbus, ATR and Boeing aircraft is valued at about $35 billion. That scale gives Dubai a larger role in global aircraft finance.

For airlines across Asia and the Middle East, a bigger DAE means another large source of leased aircraft. For investors, the results show revenue growth holding up, while margins and returns dipped and borrowings rose after the acquisition. The emirate’s wider transport and logistics sector is covered in our list of the top logistics companies in the UAE.

What happens next

After these Dubai Aerospace Enterprise results, the near-term focus is on finishing the integration by the end of November and delivering the aircraft already committed. At the time the deal closed, DAE had commitments to acquire about 150 aircraft from Boeing, Airbus, ATR and trading counterparties, The National reported.

Executing the Blackstone and Neuberger mandates will decide how quickly the group moves towards its 1,300-aircraft target. The recovery of DAE Engineering will depend on how soon airspace restrictions ease. Elsewhere in Dubai’s transport sector, port operator DP World recently announced the appointment of Jason Varsamidis as Asia Pacific CEO.

DAE published the full figures in its nine-month results statement.