Dubai Aerospace Enterprise (DAE) Group Acting CEO, George Mushahwar, stated the aircraft leasing business has gone down in value by "nearly 25%" due to the global economic crisis (AFP, 16-Nov-2009). He added that 2010 will remain a “challenging market” for the global aviation industry.
DAE: "The order book remains unchanged and we will receive delivery of another six aircraft on schedule next year…Lease rates had been down earlier this year, however, the tide has changed from March and April, when the industry was at its worst. The markets have now bounced back by nearly 10% and this deal is testimony that the leasing aircraft business is picking up…Next year will be a challenging market for the airline industry as a whole. Certain airlines have already slowed down their delivery, but in our case, all deals with our manufacturers are going ahead. We are in a position to let the company grow and we predict 2013 and 2014 will be the biggest years for the industry. For the group, returns and equities have turned already and they are better than the original targets," George Mushahwar, Acting CEO. Source: AFP, 16-Nov-2009.