Sanad, FAB close $100 million credit facility

Sanad, the global aerospace engineering and leasing solutions leader wholly-owned by Mubadala Investment Company, has secured a new $100 million evergreen revolving credit facility with First Abu Dhabi Bank (FAB).

The new financing deal, signed during this week’s Dubai Airshow 2021, 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 Chief Executive Officer of Sanad, said, “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.”

Mohanad Al Borno, Head of Global Banking at FAB, added, “We are pleased with our partnership with Sanad and supporting their growth as well as promoting Abu Dhabi as a global aviation hub.

Sanad, the global aerospace engineering and leasing solutions leader wholly-owned by Mubadala Investment Company (Mubadala), has signed a Memorandum of Understanding (MoU) with KSA-based Middle East Propulsion Company (MEPC) to significantly enhance the regional presence and service reach of both companies.

The MoU will see a collaboration between both companies in joint capabilities across advanced aero-engine repairs. Within the current framework, both organisations will benefit from each other’s diverse leading services across engine repairs, upgrades, overhaul, and testing processes.

The agreement was signed by Mansoor Janahi, Deputy Group CEO, Sanad, and Abdullah Al-Omari, CEO from MEPC during this week’s Dubai Airshow 2021, which concludes at Dubai World Central, on Nov. 18.

WAM