DAE pays $25mn for Austrian firm
State-owned aerospace group acquires software company F:wz to boost technology offering to customers.
State-owned Dubai Aerospace Enterprise (DAE) has acquired an Austrian software firm for $25 million as it continues its push to turn the emirate into a regional aviation hub, the company said on Tuesday.
Flugwerkzeuge Aviation Software (F:wz) develops and distributes cost-optimising flight planning solutions.
"With this acquisition Dubai Aerospace Enterprise and its business unit, DAE Services, takes another significant step toward fulfilling Dubai's vision of building a 'centre of gravity' for aviation and aviation technology services in the region," Omar bin Sulaiman, DAE group managing director, said in a statement.
Bin Sulaiman said F:wz's technology would allow airlines to save time on routes that would help offset the rising cost of fuel.
DAE is building up a conglomerate operating airports and leasing and servicing planes from its base in Dubai.
F:wz Chief Executive Raimund Zopp said DAE's resources would allow F:wz to accelerate its growth and give it a stronger global footprint.