National Bank of Abu Dhabi and DVB Bank establish aviation investment fund
National Bank of Abu Dhabi (NBAD) reportedly announced plans to establish an aviation investment fund in partnership with DVB Bank, and acquire USD1 billion in assets over the next two years, commencing from 4Q2009 (Emirates Business 24/7/Reuters, 28-Sep-09). The two banks will equally invest in the fund. DVB signed a lease agreement with Jazeera Airways in late 2008 and is the third partner of the National Bank of Kuwait in the launch of a USD375 million leasing firm, Sahaab Aircraft Leasing.
NBAD Investment Banking Group: “This is an investment fund and will be privately placed on an invitation basis. The fund will buy aircraft and lease them to airline operators who qualify to our guidelines. We will look at airlines both regional and those outside the region...We look forward to providing much needed capital to the industry,” Shiraz P Habib, Head of Product Development. Source: Emirates Business 24/7, 28-Sep-09.