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Dubai's DAE Capital cancels all Airbus orders
July 7, 2011 / 10:57 AM / 6 years ago

Dubai's DAE Capital cancels all Airbus orders

PARIS, July 7 (Reuters) - DAE Capital has cancelled its remaining backlog of aircraft orders with Airbus EAD.PA in the latest sign of disruption at the majority state-owned Dubai leasing company, Airbus data showed on Thursday.

The leasing firm, whose chief executive stepped down on June 30, has cancelled orders for 45 aircraft worth $5.8 billion at current list prices, according to a monthly Airbus order tally.

The same company had cancelled Airbus orders worth $4.7 billion as well as a slew of Boeing orders in March.

The move will place attention on the fate of its remaining orders with Boeing, which is due to update its data later on Thursday. DAE has outstanding orders for 56 Boeing aircraft, according to Boeing data available up to the end of May.

DAE Capital is 23-percent owned by state-linked DIFC Investments. Other shareholders include Dubai’s sovereign wealth arm, Investment Corporation of Dubai.

The company ordered more than 200 aircraft during an industry boom in 2007 but its ambitions came under the spotlight during the global financial crisis.

It was reported last year to have ceded some of its orders to Dubai-based airline Emirates. (Reporting by Tim Hepher and Amran Abocar; Editing by James Regan)

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