Abu Dhabi's Mubadala Development Company launched (03-Feb-2010) a new venture to provide component and engine financing solutions to the aerospace sector. Sanad Aero Solutions (Sanad) was unveiled to the industry at the biannual Singapore Airshow, aiming to deliver new capital for airlines and Original Equipment Manufacturers (OEM) alongside a growing number of services from Mubadala's maintenance, repair and overhaul (MRO) companies, SR Technics and Abu Dhabi Aircraft Technologies (ADAT). Sanad has already signed a deal for twelve spare engines valued at USD100 million with German carrier Air Berlin. This agreement includes engine maintenance work for a major part of the carrier's fleet to be completed by SR Technics, as part of a ten year contract. Sanad is also providing financing to Etihad Airways, valued in excess of USD30 million over a 10-year period. [more]
Mubadala Aerospace: "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...Component and engine financing presents a timely and compelling opportunity for airlines and OEMs to raise capital and benefit from world class technical solutions through our expanding global MRO network, we are very pleased to be supporting Air Berlin and Etihad through our model" Homaid Al Shemmari, Executive Director of Mubadala Aerospace. Source: Mubadala, 03-Feb-2010.