Dubai to acquire Jordanian aircraft company shares

21 September 2016

Value of the deal is not disclosed

Aircraft leasing and management firm Dubai Aerospace Enterprise (DAE) is acquiring 80 per cent of Jordan Aircraft Maintenance (Joramco) from The Abraaj Group. The companies did not disclose the value of the potential deal.

Joramco, which provides commercial aircraft maintenance, repair and overhaul (MRO) services, complements DAE’s growing portfolio which involves aircraft leasing and financing.

DAE recently agreed to finance nine new Boeing 737-800 planes that Egypt Air intends to acquire as part of its expansion strategy.

Operating from its hub at Queen Alia International in Amman, Joramco caters to a wide range of commercial aircraft from top manufacturers Boeing, Airbus and Embraer. It is certified by regulatory authorities in Jordan, Europe, the US and the UAE. These level of certifications have allowed Joramco, founded in 1963, has been catering to clients in countries spanning the Middle East, Europe, South Asia, Africa and the Commonwealth of Independent States (CIS).

“Joramco with its experienced staff provides a high quality product at a very competitive price to regional and global airlines,” DAE Managing Director Khalifa al-Daboos, said.

DAE, chaired by Ahmed bin Saeed al-Maktoum, who also chairs the Emirates Group, is owned jointly by the Investment Corporation of Dubai (ICD), Dubai International Capital, Dubai Silicon Oasis Authority and Emaar Properties.

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