The new agreement will see Sanad Aerotech providing IAE with expanded maintenance, repair and overhaul, MRO, services for its V2500 engines, which powers the Airbus A320 family of aircraft.
Sanad Group, a wholly-owned subsidiary of Mubadala Investment Company which came into being following the consolidation of Mubadala's financing, leasing and MRO businesses in 2019, provides financing, leasing and maintenance services to the global aerospace, energy and industrial sectors.
The announcement of the new deal came during the Global Aerospace Summit in Abu Dhabi, where industry leaders convened to discuss the impact of Covid-19 on the aerospace, defence and space industries.
Under the agreement, IAE, the manufacturer of V2500 engines, will offload V2500 engines for MRO services to Sanad's state-of-the-art facility in Abu Dhabi Airports Free Zone.
Mansoor Janahi, deputy Group CEO, Sanad, said the new agreement was signed at a critical stage in the history of the aviation industry. "This agreement is another testament to Abu Dhabi's established position as a reliable global centre for the aerospace industry and its state-of-the-art engineering services."
With many global companies reformulating their relationships with their partners in line with the lessons learned from the pandemic, it seems that flexibility, sustainability and the capacity to deal with crises qualifies aerospace sector in the UAE to reinforce its position as a preferred partner for major international companies."
Dave Emmerling, vice president, Commercial Aftermarket at Pratt & Whitney, said the relationship between Pratt & Whitney, IAE and Sanad is strong. "We look forward to continuing to strengthen it for years to come. We expect our V2500 customers will benefit greatly from the MRO services provided by Sanad." - firstname.lastname@example.org
When we choose to look away for good, we are as complicit as those at the helm of this atrocity
Over 100 people in Lebanon have been reported killed during the hostilities started on October 7