Media ININ Economy We Trust
Media IN DUBAI, 27th June, 2019 (WAM)
According to a press statement, Dubai Aerospace Enterprise, DAE, had repurchased the circa 4% of its common shares owned by Emaar Properties PJSC and now owns 100 percent shares. DAE is wholly owned 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.
ICD Deputy Chief Executive Officer, said that Emaar was part of the initial investor group along with ICD when DAE was incorporated in 2006. The support they have provided over the years to grow DAE into the strong market leader it is today is much valued by ICD.
DAE Chief Executive Officer, said that DAE’s capital position has gone from strength to strength over the years and now the company is delighted to be able to complete this transaction in the second quarter without any impact on its capital adequacy and liquidity metrics.
