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Dubai's DAE Capital cancels more Airbus orders.

A monthly order tally from Airbus showed Dubai's state-owned aircraft leasing company cancelled orders for 45 aircraft worth $5.8 billion at current list prices.

A spokesman for Airbus confirmed DAE had cancelled orders for 34 A320s and 11 A350s aircraft. DAE had already scrapped Airbus orders worth $4.7 billion in March, as well as a slew of Boeing orders. It also raises questions over the fate of billions of dollars worth of unfilled Boeing orders from the same leasing company.

The company ordered more than 200 aircraft during an industry boom in 2007 but its ambitions came under the spotlight during the global financial crisis.

News of the cancelled orders comes just a week after DAE Capital's chief executive stepped down. Robert Genise resigned on June 30.

DAE Capital is 23 per cent owned by state-linked DIFC Investments. Other shareholders include Dubai's sovereign wealth arm, Investment Corporation of Dubai.

2011 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:7UNIT
Date:Jul 10, 2011
Words:165
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