Sanad and ADNL expand spares financing relationship | National ...

ADNL and Sanad have been working together since late 2011 with an initial focus on spare engines, with the latest Global Spares platform expanding the scope further to aircraft components.

The value of closed transactions to date are in excess of $300m and will further strengthen the synergies between Sanad's asset management expertise and ADNL's commercial banking and lease finance product offerings.

Both companies are seeking to expand the platform in the near term with a strong pipeline of new opportunities.

The commercial airline industry holds an estimated $35bn in spare engines and rotable components today supporting existing fleets. Sanad estimates that the industry will require an additional $20bn in new spares to support new aircraft deliveries forecast over the next 20 years. The Global Spares platform will ensure Sanad and ADNL are well positioned to serve this need with a range of products.

Troy Lambeth, CEO of Sanad, said, "We are thrilled to see our relationship with ADNL expand through this new platform. This sets a strong foundation for growth for both companies as we continue to expand globally and further our shared mandate to establish Abu Dhabi as a global aerospace hub. This is another significant milestone for the company."

Individual financings closed through the relationship include $169m of lease financing for Sanad's sale-and-leaseback of spare engines with Etihad Airways in December 2011, and a further $155m in lease financing in December 2012, supporting a number of Sanad transactions in Europe, the MENA region and Asia.

Yousef Abdulla Yousef, the Managing Director of ADNL, said, "Our growing relationship with Sanad is evidence of our confidence in both the economic potential of the aerospace industry for the UAE, and Sanad's important role in taking advantage of this exciting and growing market opportunity. We look forward to working with Sanad and its investors to support more global airlines and contribute to Abu Dhabi's economic vision."

He added, "The strong collaboration between ADNL and Sanad has witnessed three transactions closing in a short period of time. It is an ideal blend of financial capabilities alongside strong technical skills and industry expertise for a complex MRO business."

Since its launch in 2010, Sanad has grown its portfolio to over $550m in assets under management supporting a growing number of industry leading airlines including Etihad Airways, Virgin Australia, Finnair, Air Berlin and others. ADNL provides a variety of lease and lease-finance facilities to large UAE, GCC and international corporate entities operating within the UAE.

Source: http://www.ameinfo.com/sanad-adnl-expand-spares-financing-relationship-328391

taylor momsen xbox live update joan rivers gary carter dies oolong tea survivor one world lil kim