Abu Dhabi's Sanad Capital gets $55m from Dubai bank for two jet engines
These engines are part of a sale-and-leaseback agreement Sanad entered
Dubai: Abu Dhabi’s Sanad Capital will acquire two jet engines after securing a $55 million debt finance from Commercial Bank of Dubai. Sanad, a unit of Mubadala Investment Co., recently acquired GEnx and XWB engines through a long-term sale and leaseback agreement.
“Our partnership with the Commercial Bank of Dubai is a strong validation of Sanad Capital’s ability to attract liquidity that supports growth targets, especially in the challenging current environment,” said Troy Lambeth, Group CEO, Sanad.
This was, incidentally, the first collaboration between Sanad and the Dubai bank.
At last year’s Global Aerospace Summit, Sanad announced a deal with Etihad Airways that takes the pair’s ongoing partnership commitments to $900 million-plus. It covered additional spare engines and rotable components, including a sale-and-leaseback (SLB) agreement for the additional GEnx engine and a Rolls Royce Trent XWB engine, with a second XWB spare option.