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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




Tags: abu dhabi | finance | Mubadala Aerospace | Sanad Aero Solutions |

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