Dubai Aerospace Enterprise (DAE) Ltd. announced that it had repurchased the approximately 4% of its common shares owned by Emaar Properties PJSC. DAE is now 100% owned, directly and indirectly, by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
This transaction is expected to have no impact on the capital adequacy ratios of the company. Khalifa H. AlDaboos, Deputy Chief Executive Officer of Investment Corporation of Dubai said: “Emaar was part of the initial investor group along with ICD when DAE was incorporated in 2006. We value the support they have provided over the years to grow DAE into the strong market leader it is today.”
Firoz Tarapore, Chief Executive Officer of DAE commented: “DAE’s capital position has gone from strength to strength over the years and we are delighted to be able to complete this transaction in the second quarter without any impact on our capital adequacy and liquidity metrics.”