Airbus takes a $5.8 billion hit as Dubai Aerospace cancels all orders
11 Jul 2011
Dubai: DAE Capital, leasing arm of Dubai Aerospace Enterprise (DAE), has cancelled all of its aircraft orders with Airbus, worth $5.8 billion in list prices for 45 planes.
According to an Airbus statement, "Our latest O&D's (orders and deliveries) confirms that DAE cancelled 34 A320s and 11 A350-900 and is no longer an Airbus customer."
DAE has not offered any comments.
Earlier, in March, the Dubai-based aerospace company cancelled almost half its Airbus orders for A350s and A320s, worth $4.7 billion, in addition to orders for 32 Boeing 737s.
Airbus will absorb the blow fairly well keeping in mind the fact that it has already amassed orders for over 777 planes this year, including orders at the last month's Paris Air Show.
DAE Capital had placed an order for 200 aircraft in 2007 divided equally between Airbus and Boeing, aiming to become one of the world's biggest aircraft lessors.
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