Dubai Aerospace to tap Indian aviation market

Planned services include aircraft leasing, greenfield airport development and airport expansion

BY A CORRESPONDENT
February 24, 2006

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Dubai Aerospace Enterprise (DAE), the government-backed holding company with $15 billion in funds for investments is planning to offer aviation services in the booming aviation markets in Asia and the Middle East. India, Asia's third biggest economy, is one of its targets.

The aviation services will including aircraft leasing to airport services, and will focus on greenfield development as well as expanding existing airport infrastructure and management.

Managing Director Mohammed Al Zarouni was quoted as telling new agencies: "We are in talks with some of the Indian states and we could reach a deal this year. We are optimistic." Rashid Al Malik, project director for the planned company, said "We want to be a very important player in this region and the world in a short time."

Al Malik added that Dubai may purchase as many as 50 wide-body aircraft from Boeing Co. and Airbus SAS during the next four years. Dubai Aerospace is also involved in talks with Airbus, Boeing and other planemakers with regard to building components for aircraft.

DAE was founded by the government of Dubai, its investment arm Dubai International Capital, property developer Emaar, private investment firm Istithmar, mortgage lender Amlak, the Dubai Airport Free Zone Authority and the Dubai International Financial Centre, a financial free-zone.