Sanad signs Dhs1 billion deal with Pratt & Whitney and IAE

Sanad, a wholly-owned subsidiary of Mubadala Investment Company (Mubadala) announced on Monday a new Dhs1 billion deal with Pratt & Whitney and International Aero Engines (IAE).

The new agreement will see Sanad Aerotech providing IAE with expanded maintenance, repair and overhaul (MRO) services for its V2500 engines, which powers the Airbus A320 family of aircraft.

The announcement of the new deal came during the Global Aerospace Summit in Abu Dhabi, where industry leaders convened to discuss the impact of COVID-19 on the aerospace, defence and space industries. This agreement expands the cooperation between Sanad and IAE in the field of maintenance, repair and overhaul (MRO) of aircraft engines. Under the agreement, IAE, the manufacturer of V2500 engines, will offload V2500 engines for MRO services to Sanad’s state-of-the-art facility in Abu Dhabi Airports Free Zone.

Commenting on this new agreement, Mansoor Janahi, Deputy Group CEO, Sanad, said, “We are signing this new agreement at a critical stage in the history of the aviation industry. This agreement is another testament to Abu Dhabi’s established position as a reliable global centre for the aerospace industry and its state-of-the-art engineering services. With many global companies reformulating their relationships with their partners in line with the lessons learned from the pandemic, it seems that flexibility, sustainability and the capacity to deal with crises qualifies aerospace sector in the UAE to re-enforce its position as a preferred partner for major international companies.’’

Dave Emmerling, Vice President, Commercial Aftermarket at Pratt & Whitney, said, “The relationship between Pratt & Whitney, IAE and Sanad is strong and we look forward to continuing to strengthen it for years to come. We expect our V2500 customers will benefit greatly from the MRO services provided by Sanad.”

Earlier the Mubadala Investment Company (Mubadala), an Abu Dhabi-based sovereign investor, and Sberbank, the largest bank of Eastern and Central Europe, today signed a strategic agreement to explore opportunities of mutual benefits.

The agreement covers cooperation in multiple areas, including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories, advisory services, forex hedging and credit risks, among others. Furthermore, the agreement paves the way for potential cooperation and investments in areas such as artificial intelligence, cybersecurity, life sciences, venture capital, Islamic finance, telemedicine and education. Sberbank and Mubadala are jointly developing a more detailed roadmap outlining engagement and cooperation plans across these verticals.

The Sberbank-Mubadala strategic partnership will unlock potential co-investment initiatives in both Russia and the Middle East, which are also expected to enhance bilateral trade between businesses in both regions.

Commenting on the partnership, Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director, Mubadala, said, “We’re pleased to formalise our relationship with Sberbank and establish a new and exciting platform to unlock investment and financing opportunities in Russia and the UAE.

“We’ve successfully invested in Russia over the last decade, and with the establishment of Mubadala’s Moscow office last year coupled with today’s new partnership with Sberbank, we are in a position to further broaden our presence in Russia.”

WAM