Abu Dhabi-based global investor Mubadala Investment Company’s wholly-owned subsidiary Sanad has secured a new $100 million evergreen revolving credit facility with UAE’s largest financial institution First Abu Dhabi Bank (FAB).
The new financing deal was signed during the Dubai Airshow 2021. According to the statement, the deal extends Sanad and FAB’s 10-year relationship which has now seen the two UAE-based companies close over $950 million worth of combined agreements.
The various financings are extended in support of Sanad’s global spare engine leasing and component access portfolios.
Troy Lambeth Group CEO Sanad
“Our longstanding banking relationship with FAB, the oldest and largest within Sanad, has played a key role in our growth as a reliable financial solutions provider within the industry. Working closely with each of our banking partners, we have been well positioned to provide attractive long-term financing solutions to our customers since our launch. We are delighted to see our relationship with FAB expand to this new facility as we now look to extend our product and service offerings further across the industrial services sector.”
Mr. Mohanad Al Borno, Head of Global Banking at FAB said, “We are pleased with our partnership with Sanad and supporting their growth as well as promoting Abu Dhabi as a global aviation hub.”
“Sanad has established a reputation for excellence in the aviation industry and with this new transaction, we further expand our relationship with Sanad and our confidence in the company’s positioning and future potential. We highly value the strong relationship with Sanad and Mubadala and look forward to our continued support of the company’s growth in the years ahead,” Mr. Al Borno added.
As per the reports, FAB has led a number of Sanad funding arrangements in support of existing and new spare engine and component programs around the world since 2011.
Sanad
Sanad is an integrated provider of maintenance, repair, and overhaul (MRO) services and leases finance solutions across the global aerospace, industrial, and energy sectors focusing on customer support through its engineering and leasing excellence.
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