Mubadala Development Company’s wholly-owned subsidiary, Sanad Aero Solutions GmbH (Sanad), has recently made an announcement that it is expanding its existing relationship with Etihad Airways, the national carrier of the UAE.
The 12-year sale and lease-back agreement is valued at $265 million and sees Sanad add 12 spare engines in support of the airline.
Witnessing tremendous growth
Since its launch early 2010, Sanad has seen tremendous growth. The company’s leasing portfolio reached $1 billion worth of assets in 2015. It has assets supporting a growing number of industry leading airlines and partners across a wide variety of modern aircraft.
According to Etihad Aviation Group CEO and President James Hogan, Sanad has been the key enabler of Etihad’s growth by providing the airline with various financial solutions for the airline’s additional inventories.
The relationship between Sanad and Etihad Airways dates back to the company’s establishment. The first deal was signed in 2011 and included the financing of GE90 and Rolls-Royce Trent spare engines. Additional sales included the investment of rotable component spares in 2013 and most recently, the addition of GEnx and GP7200 engines and spare landing gear, nacelles, and thrust reversers for the airline’s Airbus A380, A330, Boeing 777 and B787 aircraft.
National Bank of Abu Dhabi (NBAD) and Bank of America Merrill Lynch (BofAML) provided financing facilities to Sanad in support of the agreement which includes seven GEnx-1B 74/75, four GP7270E and one V2527-A5 engine.
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