Dubai Aerospace Enterprise (DAE) has agreed to cancel five of the 15 747-8 freighters and convert them to smaller Boeing 777 freighter jets.

Following the conversion, DAE now has orders for 20 jets from Boeing which includes ten 747-8Fs and ten 777s.

Prior to the conversion of the order, DAE had ordered eight 777F, out of which three aircraft had been delivered.

According to aircraft valuation firm Avitas, the estimated value after standard discounts the value for the five 777Fs are $810m.

Following the delivery, Emirates will operate the Boeing 777 freighter.