ADNL has provided Sanad with a fully underwritten long-term lease facility in support of the purchase and lease-back of five (5) GE90 and six (6) Rolls Royce Trent 500 engines. Each engine is contracted for a 10-year operating lease term.

Troy Lambeth, Chief Executive Officer (CEO) of Sanad said: “This is an important milestone for Sanad in attracting commercial debt at an early stage and with a key cornerstone customer in Etihad Airways.  We are thrilled to have ADNL as a partner in this transaction and excited to explore other areas where we can expand our relationship through other transactions in our shared mandate to establish Abu Dhabi as a global aerospace hub.”

The transaction takes the total contracted value of Sanad’s long term engine and component access and leasing transactions to well over $500 million since its launch in 2010.

Yousef Abdulla Yousef, the Managing Director of ADNL, said: “ADNL is delighted to announce our partnership with Sanad on this important transaction with Etihad Airways and we see further opportunities to expand our relationship with both companies as they continue to grow.

“ADNL’s commitment in this transaction reflects our confidence in the Sanad team, the strength and reputation of their investor group and the quality of Sanad’s growing aircraft engine and component portfolio, as well as our continuing support to Etihad Airways and to Abu Dhabi’s economic vision

“This is a landmark transaction and it will enable ADNL to strengthen its role in the aviation asset financing business and further diversify ADNL’s aviation asset portfolio from wide-bodied aircraft to engines” said  Jawaid Abdulla, Vice President at ADNL.

ADNL provides a variety of lease and lease-finance facilities to large UAE, GCC and international corporate entities operating in the UAE.

Source: Mubadala Aerospace

Background: 

(compiled by arabaviation.com)

The National Bank of Abu Dhabi (NBAD). A global bank, NBAD operates in 13 countries spanning four continents. NBAD’s overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Jordan in the Levant; Egypt, Libya, and Sudan in Africa; France, Switzerland and the UK in Europe; Washington, D.C., in the U.S.A to Hong Kong in Asia. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE. 

NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets in addition to fund management, brokerage, financial markets, leasing, property management and private banking businesses. The bank is organised into various client-focused divisions. They are the UAE Domestic Banking, International Banking, Financial Markets, Corporate and Investment Banking, Abu Dhabi National Islamic Finance (ADNIF), and Global Wealth comprising of Private Banking and Asset Management Group, and the wholly owned stock brokerage company Abu Dhabi Financial Services (ADFS). The Bank's wholly owned subsidiaries, Abu Dhabi National Leasing Company (ADNL) and Abu Dhabi National Properties (ADNP) are part of the Corporate and Investment Banking division. 

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.