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FINANCIAL NEWS
Dubai’s DAE shrinks its Boeing 747-8 order by 5 planes
09 Dec 2012
(MENAFN) Dubai Aerospace Enterprise (DAE) has cancelled five of its 10 Boeing 747-8 freighters, Reuters reported, citing the plane manufacturer.
The cancellation was among several cancellations totaling about USD1.9 billion at list prices, Boeing said, adding that DAE also has orders for seven 777 freighters.
Last year, DAE cancelled all its remaining Airbus orders worth USD5.8 billion. DAE cancelled Airbus orders worth USD4.7 billion, as well as a slew of Boeing orders, in March 2011 and entered negotiations with both planemakers about the rest of its orders.
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.
DAE was formed in 2006 as a joint venture between sovereign wealth arm Investment Corporation of Dubai, developer Emaar and DIFC Investments.
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