Dubai Aerospace Enterprise loses acting CEO

The Dubai Aerospace Enterprise (DAE) Ltd. said on Wednesday that George Mushahwar, Acting Chief Executive Officer, had left the company to start an independent business venture. "George played an important role in the evolution of DAE in the past few years and we are thankful to him for his efforts and dedication. We wish him well in his new venture," said DAE Managing Director Khalifa H. Al Daboos. "DAE has made significant strides in the past two years to strengthen the balance sheet and improve the profitability of its core businesses. The management team has done an excellent job of refinancing debt agreements, rationalising capital commitments and securing long-term financial agreements. The shareholders are comfortable with the direction and strategy of the company. DAE's core management team, led by the Chief Operating Officer of the Company, remains intact and committed to enhancing shareholder value over the longer term," added Khalifa Al Daboos. Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aerospace company specializing in maintenance, repair and overhaul services, aircraft completions and aircraft leasing. The company is headquartered in Dubai and employs over 4,000 people in four continents.