Gulfstream wins NAS order for three aircraft

Gulfstream Aerospace, a wholly-owned subsidiary of General Dynamics, has won an order for three large-cabin, mid-range Gulfstream G300 aircraft from Saudi-based National Air Services (NAS).

The aircraft purchase, amounting to over $75 million, will be financed by Arab Banking Corp (ABC), headquartered in Bahrain, and will be guaranteed by the Export-Import Bank (Exim) of the US, an independent federal government agency that helps finance the sale of US exports.

"NAS is a leader in private aviation in the Middle East, and we are pleased to continue to support the company's growth, expanding our long-term mutually beneficial relationship," stated Ghazi Abdul Jawad, president and chief executive of ABC.

The only fully licensed independent private aircraft operator in Saudi Arabia, NAS has its operational headquarters in Jeddah and satellite offices in Cairo, Riyadh and Bahrain. The company currently operates a total of 23 aircraft, including four GIV /GIV-SP models.

Mohammed Al Zeer, NAS president and chief executive officer, said: "This order represents another major milestone in the growth of our company and will allow us to continue expanding the unparalleled comprehensive solutions we offer to aircraft owners and users in the Middle East."

This transaction is the third aircraft financing announced by NAS this year for its growing fleet and is part of a long-term financing and growth strategy being implemented by the company. It is the first time NAS has been backed by Exim.

Gulfstream is scheduled to deliver all three G300 business jets to NAS by the end of next year.