Mubadala launches aerospace finance firm
Dubai, February 3, 2010
A unit of Abu Dhabi government-owned Mubadala Development Company has launched a new company to provide component and engine financing to the aerospace sector, it said on Wednesday.
The new venture, Sanad Aero Solutions (Sanad), has already signed a $100 million deal with Germany's Air Berlin for 12 spare engines, and for engine maintenance work for the carrier, Mubadala Aerospace said in a statement.
Sanad is also providing financing worth more than $30 million over a 10-year period for a contract between technical solutions firm SR Technics and Abu Dhabi's Etihad Airways, it said.
Mubadala is in talks with banks to refinance a $2 billion syndicated loan that matures in April, banking sources close to the deal said late January.
The investment firm has also set up a euro commercial paper programme as part of plans to diversify its funding sources.-Reuters