Global aviation services corporation, Dubai Aerospace Enterprise Ltd (DAE), has announced it recently signed agreements with multiple counterparties to obtain 17 aircraft for approximately $1 billion.

The portfolio is comprised of 100% next-generation aircraft, of which 89% are narrowbody aircraft. 80% of the aircraft are manufactured by Airbus and 20% are manufactured by Boeing. The 17 aircraft are on lease to 11 airlines in 10 countries.

Once completed, the aircraft are expected to decrease DAE’s weighted average passenger fleet age to 6.9 years while increasing its weighted average passenger fleet lease term remaining to 6.6 years. DAE’s pro-forma fleet composition is predicted to be 46% Airbus aircraft, 49% Boeing aircraft, and 5% ATR 72-600.

Firoz Tarapore, chief executive officer of DAE, said of the new agreements: “Consistent with our commitment to improve the next generation content of our fleet and reduce the fleet average age, we are delighted to add these modern, fuel-efficient, next-generation technology assets to our portfolio. This transaction also allows us to further deepen our relationship with our global base of airline customers, and we welcome three airline customers back to DAE.

“Amid ongoing orderbook delivery delays, we are continuing to source attractive assets in the secondary market to meet our growth and portfolio management targets.”

DAE serves more than 170 airlines worldwide, from its seven headquarter locations in Dubai, Dublin, Amman, Singapore, Seattle, Miami, and New York. The agreements to expand its fleet with new generation planes will help solidify it as a leader in aviation, as it aims to keep modernising its portfolio in anticipation of global trends and changes in the industry.