Dubai Aerospace Enterprise (DAE) has confirmed that it has received cash proceeds totalling approximately $282 million from settlements with selected insurance companies with respect to aircraft previously on lease to airline carriers in the Russian Federation.
DAE and its relevant affiliated entities have released their claims against these insurance and reinsurance companies.
DAE has now received cumulative cash proceeds of $601 million including settlements announced in 2023 and 2024 with various parties.
DAE said that it will “continue to actively pursue its litigation in the English courts under its own insurance policies” and that it will also “continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to airline carriers in the Russian Federation”.