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28 February 2024

BAE rides through aviation downturn

BAE Systems saw 41 new aircraft re-marketing mandates. (AFP)

By Staff Writer

BAE Systems, the defence, security and aerospace service company, yesterday said that "Regional Aircraft" business was faring well in the face of the downturn that has rather gripped the global economies worldwide.

The asset management team of Regional Aircraft placed 44 aircraft in a challenging market. There was also strong growth in winning 41 new aircraft re-marketing mandates from third parties during the year, the company said in a statement.

The news comes only a week after the UAE based Istithmar World sold its 13 per cent stake in SpiceJet, the Indian low cost airline.

In the UAE, the sector is witnessing what could be regarded as an early sign of recovery, the business travellers in the UAE are bullish about their plans. Findings from YouGovSiraj, an online market research agency, suggest that this quarter the travel trends are in favour of the aviation industry.


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