Abu Dhabi: Abu Dhabi-based Waha Capital announced on Tuesday the closure of a Dh6.7 billion financing deal to facilitate the purchase of nine transport aircraft for the UAE Armed Forces.
The deal involves the delivery of three Airbus A330-200 multi-role and tanker transport aircraft for Dh4.4 billion as well as six Boeing C-17A Globemaster III aircraft for Dh2.3 billion.
"The aircraft are scheduled for delivery over the next three years, with four being handed over in 2011 and the rest in 2012," Waha Capital Chairman Hussain Jasem Al Nowais told reporters here at a news conference.
Banks
Eight international banks are involved in the financing deal and the loans are extending mostly for a period of 15 years, said Al Nowais.
"It's structured finance. The deal was closed within a record timeframe. The terms are very good, given the difficult times," said Al Nowais. He didn't identify the banks or the rate of interest at which the loans were secured.
He said the transaction had been announced during IDEX-2009 in Abu Dhabi and yesterday's announcement was the completion of that transaction.
"This financing deal is a testimony to the confidence of the international community in the strength of the UAE economy and financial credibility and the position of Abu Dhabi," Al Nowais said.
He added that it would help accelerate the sustainable growth of Waha Capital and its financial performance.
"This deal underlines the commitment of the UAE government in general, and Abu Dhabi in particular to boost both the local and international economy by providing investment opportunities for partners," said Al Nowais.
The deal will also help boost employment opportunities, finance and industry, he added.
Waha Capital has significant expertise in the airline industry through its aircraft leasing business. Its subsidiary Waha Leasing has been the UAE's leading big-ticket leasing company, operating in the areas of aircraft, shipping and infrastructure.
