UIB in aircraft investment deal
Manama, March 24, 2008
Bahrain-based United International Bank (UIB) and Novus Aviation have signed a letter of intent to invest in five aircraft.
The duo signed the deal with the Royal Bank of Scotland (RBS) for investing in five aircraft through Falak Investments Limited.
'Our recent investment in five aircraft is in line with UIB's strategy to provide its investors with Sharia-compliant investment opportunities with strong underlying assets and attractive returns,' said UIB chairman Asaad Albanwan.
'Aviation leasing offers a stable income with the potential for significant growth and has already generated a lot of interest from investors.'
'Expanding Falak's portfolio through this investment will provide investors with an even more robust investment opportunity,' said UBI general manager and acting chief executive officer Abdulla Janahi.
'Our partnership with Novus Aviation will strengthen UIB's aircraft investment portfolio and support the bank's initiative to enter new territories.'
'Falak's portfolio is diversified on the basis of the various major airlines the aircraft are leased to and also on aircraft type, make and age, added Novus Aviation president Safwan Kuzbari.
UIB has an authorised capital of $2.5 billion and a paid-up capital of $291 million.
Falak is a joint venture between UIB and Novus Aviation. Geneva-based, Novus Aviation has over 30 years of global experience in the aviation industry.-TradeArabia News Service