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Dubai Aerospace Enterprise (DAE) is leasing seven Airbus A321neo aircraft to India’s IndiGo airline. All seven aircraft are scheduled to be delivered this year itself, the Dubai company said in a statement, according to a report.

“We are delighted to add this fuel-efficient and popular aircraft type to our leased portfolio,” said Firoz Tarapore, CEO of DAE. “We are delighted to deepen our long-term relationship with IndiGo.”

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IndiGo is India’s largest passenger airline in terms of market share, with a fleet of 281 aircraft including 120 new-generation Airbus A320neo 106 A320, 25 ATRs (twin-engine turboprops) and 30 A321neo.

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DAE reported a 10 per cent fall in its full-year 2020 revenue as the pandemic weighed on airlines’ demand for aircraft. The company, which utilized 98.2 per cent of its fleet last year, said it expects to demand to improve in the near term.

“We remain optimistic about a snapback in air travel demand starting in summer, resulting from ramped up deployment of existing vaccines, development of new vaccines and the favorable impact of measures currently in place in impacted areas to contain the spread,” said Tarapore in an earlier statement.