DAE receives 737 million dirhams in settlement proceeds for aircraft leased in the Russian Federation

Dubai Aerospace Enterprise Limited announced today that, during the past three months, it has received cash proceeds totaling approximately $201 million (about AED 737 million) from settlement operations with specific insurance companies regarding aircraft that were previously leased to airlines in the Russian Federation. Pursuant to the claims issued by DAE and its relevant entities against a number of insurance and reinsurance companies.

Based on the above, DAE has now received cumulative cash proceeds of $319 million, including the settlement completed in 2023 with certain parties in respect of seven aircraft.

The company said that it will continue to pursue its lawsuits in the English courts under its insurance policies, and will also continue its efforts to mitigate its losses in relation to its aircraft that were previously leased to Russian airlines.