Dubai Aerospace Enterprise (DAE), an aircraft leasing and maintenance company controlled by the government of Dubai, said on Tuesday it had agreed to buy an 80 percent stake in Jordan Aircraft Maintenance Limited (Joramco).
DAE signed a definitive agreement to acquire the stake in Joramco from Dubai-based private equity house The Abraaj Group, DAE said in an emailed statement. The value and terms of the transaction were not provided.
Joramco is an independent commercial aircraft maintenance, repair and overhaul facility, which services aircraft built by Airbus and Boeing, according to information on its website.
DAE said it would work with Joramco to expand its “product offerings, customer reach and geographic area of focus.”