Dubai Aerospace Enterprise (DAE) said it has completed the acquisition of 80 per cent stake in Jordan Aircraft Maintenance Limited (Joramco) from The Abraaj Group.

The agreement to purchase was previously announced on September 20.

Dubai Aerospace Enterprise (DAE) is a globally recognized aerospace company headquartered in Dubai.

Founded in 2006, DAE boasts of two key divisions - DAE Engineering that provides global MRO services under the brand name StandardAero, and DAE Capital, which focuses on aircraft leasing.

A specialist in aircraft leasing, financing and other management services, DAE Capital is the largest aircraft leasing firm in the Middle East.

DAE Capital presently has a fleet of 78 aircraft with a net book value of $4 billion, which are leased to various airlines around the world.-TradeArabia News Service