Maintenance, repair and overhaul (MRO) provider Joramco's owner DAE Engineering continues to suffer from tensions in the Middle East, and management does not expect a full recovery until the conflict “subsides in its entirety.”
DAE Engineering revenue fell by more than half year over year for the quarter ending Sept. 30, down to $76 million from $156 million in 2025.
“Revenue for the period was down considerably because our European clients are still unable to send their planes and their people to us for their normal maintenance activity,” said Firoz Tarapore, CEO of Dubai Aerospace Enterprise Ltd. (DAE), the parent of DAE Engineering.
“It’s fair to say that until the conflict subsides in its entirety then our customers won’t feel safe sending their planes and their people to us and the engineering business will continue to underperform,” he added.
Prior to the Iran war, Joramco had expected this year would see it build on post-pandemic revenue growth momentum. In 2025 it completed a new hangar with five additional heavy maintenance lines. The maintenance, repair and overhaul (MRO) provider now has a total capacity of 24 heavy maintenance lines across six aircraft hangars, some of which now sit idle due to the conflict.
Nonetheless, overall revenues for DAE continued to climb as it benefited from increased scale following its acquisition of Macquarie AirFinance. Quarterly lease revenue climbed to $1.3 billion from $1.1 billion a year earlier.
Questioned about the potential for the leasing market to soften given the pressures on airline profitability and consumer spending, Tarapore remarked that DAE wasn’t seeing much weakening in its leasing business, adding that supply and demand in the narrowbody market remained “well calibrated.”
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