Abu Dhabi-based global investor Mubadala Investment Company’s wholly-owned subsidiary Sanad Capital has closed a $55 million debt financing deal with the Commercial Bank of Dubai (CBD), one of the UAE’s leading financial institutions.
Sanad Capital and the Commercial Bank of Dubai have partnered for the first time to finance the purchase of two new GEnx and XWB engines, which were recently acquired through a long-term sale and leaseback deal.
“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. We look forward to growing our relationship with the Commercial Bank of Dubai as part of Sanad’s ongoing commitment to support the global aviation industry in years to come.”
Dr. Bernd van Linder, Chief Executive Officer at CBD said, “We are delighted to partner with Sanad and support them as they look to grow and expand their business. Sanad Capital has an exemplary performance track record in the aircraft engine and component leasing space, and we look forward to strengthening our relationship and facilitating their future expansion as well.”
As per the company statement, the new agreement comprises additional spare engines and rotable components, including a sale-and-leaseback (SLB) agreement for an additional GEnx engine and a Rolls Royce Trent XWB engine, with a second XWB spare option.
Last year, Sanad Capital has signed a new contract with Etihad Airways at the event of the Global Aerospace Summit in Abu Dhabi, bringing the pair’s ongoing partnership investments to more than $900 million.