Aircraft leasing firm acquires second Boeing 777-200ER

Oasis International Leasing Co (Al Waha) has expanded its fleet of passenger aircraft by acquiring a second Boeing 777-200ER. The aircraft, built in 1998, is on lease to Malaysian Airlines (MAS) for 10 years, the company said yesterday.

The financing for the acquisition was arranged by Bahrain-based Arab Banking Corp and Canada's Bank of Nova Scotia. "We are pleased to be able to expand our relationship with MAS. The addition of a second 777-200ER on a long-term lease to a major flag carrier is a continuation of our strategy to achieve sustainable growth for the company and its shareholders," Oasis chief executive Gordon Dixon said.

Oasis now owns 12 aircraft including the new 777-200ER. They are leased to some of the leading regional and international airlines in the UK, Belgium, Greece, New Zealand, Bahrain and Malaysia.

Oasis also owns 50 per cent of a capesize vessel, Bagru, in partnership with Norway's Torvald Klaveness Group. In February, the company announced a net profit of Dh36 million for 2000, up 80 per cent from Dh20 million the previous year.