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Mubadala Unit Wins $130m Deals
/ 4 February 2010
ABU DHABI — Sanad Aero Solutions, the new company created by Abu Dhabi government’s investment firm Mubadala Development Company, has won two initial contracts worth a combined $130 million. The new venture is set up to provide component and engine financing solutions to the aerospace sector.
Aiming to deliver new capital for airlines and original equipment manufacturers (OEMs), Sanad was unveiled at the bi-annual Singapore Airshow. It will also finance a growing number of services from Mubadala’s maintenance, repair and overhaul (MRO) companies — SR Technics and Abu Dhabi Aircraft Technologies (ADAT).
Sanad has signed a $100 million, 10-year contract for 12 spare engines that also includes engine maintenance work with Germany’s Air Berlin.
Under a second deal, Sanad will provide component financing worth more than $30 million over a 10-year period for the Airbus fleet of Abu Dhabi-based carrier Etihad Airways.
Homaid Al Shemmari, Executive Director of Mubadala Aerospace, speaking at the Singapore Airshow said that the company’s maintenance operations are attracting interest from airlines across the globe.
He said: “Through SR Technics and ADAT, we have two very strong MRO companies strategically positioned in two important regions. We believe that by offering component and engine financing solutions for airlines and OEMs in partnership with our existing network we are able to provide a truly integrated service, designed to meet today’s market conditions and the changing shape of the industry.”
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