Mubadala lends to airlines
04. Feb, 2010
The National reports, “Air Berlin and Etihad Airways have signed up for US$130 million (Dh477.4m) worth of financing provided by a new company controlled by Mubadala Development, the Abu Dhabi Government investment arm.
The new entity, called Sanad Aero Solutions, will provide financing and logistical support with a focus on aircraft engines and components.
Sanad – Arabic for “support” – adds another layer to Mubadala’s aerospace strategy, which includes plans to manufacture composite aircraft parts for Boeing and Airbus in Al Ain, and to build an aircraft in Abu Dhabi by 2018.
The company will provide financial support to airlines outsourcing their maintenance and repair work to two Mubadala affiliates, SR Technics in Switzerland and Abu Dhabi Aircraft Technologies (ADAT). Sanad’s first contracts involve a 10-year, $100m deal with Air Berlin for 12 spare engines and a 10-year, $30m contract with Etihad for components.”
read more: The National
