(Reuters) – Dubai Aerospace Enterprise (DAE), one of the few Gulf aircraft leasing firms, expects to add 30-35 planes to its current portfolio of 97 with significant demand seen coming from Iran, the company’s chief executive said on Sunday.

Iran, which has emerged from years of sanctions that prevented it from legitimately buying aircraft, agreed with European manufacturers last month to purchase up to 158 aircraft but these could take a few years to be delivered.

Iranian airlines will be looking to lease aircraft that are immediately available while they await the European deliveries, DAE chief executive Firoz Tarapore said in an interview with Reuters.

“We hope to book another 30-35 aircraft – the demand will be across the spectrum – narrow and wide bodies, and turboprop aircraft,” Tarapore said.

Shortly before delivery, airlines look for funding from banks or leasing firms to pay for their purchases. A popular structure is for airlines to sell and then lease back planes.

“I think there is an opportunity both in the near term, because lessors have the equipment ready and also when the airlines take delivery of the new aircraft and need financing or leasing solutions,” Tarapore said.

DAE itself has 37 ATR 72-600s, plus 20 on option, and this is an aircraft Iran has agreed to buy from a firm co-owned by Airbus Group and Italy’s Finmeccanica.

Billions of dollars of Iranian assets have been unfrozen in a nuclear-sanctions deal with world powers, but legal, financial and regulatory hurdles remain as Iran seeks foreign investor backing to overhaul its dilapidated aviation sector.

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