04 March 2015
Abu Dhabi - The National Bank of Abu Dhabi (NBAD) and aircraft manufacturer Boeing [NYSE: BA] have extended an agreement which has seen the two organizations work successfully together to develop aircraft financing and leasing opportunities in the Middle East market over the past three years.

Under the memorandum of understanding, NBAD and Boeing will work together to increase opportunities for financial institutions in the UAE and the Middle East region involving commercial aircraft.

"Boeing has enduring partnershipsin the Middle East region and the relationship we have built withNBAD is delivering real value to the region in terms of increasing opportunities for local participation in aircraft financing," said Tim Myers, president of Boeing Capital Corporation, Boeing's financing and leasing unit.

"As a result of the agreement between NBAD and Boeing we have held a number of seminars and development sessions, including the region's first Chief Risk Officer Summit for the region's financial institutions in 2012.

Mr. Myers said locally-generated aircraft financing has grown significantly in recent years and now supports approximately half of the Middle East's commercial aircraft deliveries.

"Boeing's extensive and insightful perspectives in aircraft financing coupled with many years of transaction execution in this market ensures that this partnership continues to add value to not only the airlines in the region, but also to the financial institutions seeking to extend their involvement in the sector," said Vasgen Edwards, Managing Director & Global Head of Aviation and Transport at NBAD.

Boeing's latest commercial aviation market outlook forecasts demand for 2,950 new airplanes for the Middle East region over the next 20 years, worth an estimated US$650 billion. While almost one-third of that demand - 900 airplanes - will replace today's fleets, two-thirds of the demand is expected to be driven by the rapid fleet expansion in the region.

"Boeing has been working with NBAD for several years now and our partnership has proven to be very successful, making a positive impact on the aviation industry," said Jeffrey Johnson, President, Boeing Middle East. "We continues to work closely with leading financial institutions in the UAE and the Middle East to identify best finance solutions for our customers.".

The memorandum of understanding between NBAD and Boeing was the Middle East's first working together agreement for aircraft financing and leasing cooperation when it was originally signed in 2012.

The non-exclusive agreement is aimed at creating opportunities for NBAD to advise, arrange and supply financing to support Boeing new-aircraft sales and used-aircraft remarketing in the region, with Boeing engaging with the bank in joint projects, training and issues advocacy.

-Ends-

About NBAD
The National Bank of Abu Dhabi (NBAD), the leading bank in the Middle East and one of the 50 safest banks in the world, has one of the largest networks in the UAE as well as branches and offices in 18 countries stretching across five continents from the Far East to the Americas. 

A comprehensive financial institution, NBAD offers a wide range of banking services and products to all segments of clients. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.

Since 2009, NBAD has been ranked one of the World's 50 Safest Banks by Global Finance magazine, which also ranked NBAD the Safest Bank in the Emerging Markets and Middle East.

NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any global financial institution.

About Boeing
Boeing's relationship with the Middle East extends back to 1945. Since then, Boeing has established a number of offices across the region, first in Riyadh in 1982, then a dedicated Boeing Defense, Space and Security (BDS) office in Abu Dhabi in 1999, a regional headquarters in Dubai in 2005 and a new office in Doha in 2010. In addition, Boeing has field service teams across the region and two distribution centers for airplane spare parts in Dubai.

Boeing works with a variety of customers and partners in the Middle East: with the region's ambitious airlines that have successfully made the Middle East a global air transport hub; with defense forces that use state-of-the-art technology to secure their land and sea borders, while providing humanitarian assistance where required; with communications enterprises using satellite technology to link the region with the world; and with schools, universities and charities that are making a visible difference in their communities.

Boeing is the world's largest aerospace company and the leading manufacturer of commercial jetliners and military aircraft combined. Additionally, Boeing designs and manufactures rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles and advanced information and communication systems. As a major service provider to NASA, Boeing is the prime contractor for the International Space Station. The company also provides numerous military and commercial airline support services. Boeing provides products and support services to customers in 150 countries and is one of the largest U.S. exporters in terms of sales. Headquartered in Chicago, Boeing employs more than 165,000 people across the United States and in more than 65 countries. This represents one of the most diverse, talented and innovative workforces anywhere. Our enterprise also leverages the talents of hundreds of thousands more skilled people working for Boeing suppliers worldwide.

About NBAD
The National Bank of Abu Dhabi (NBAD), the leading bank in the Middle East and one of the 50 safest banks in the world, has one of the largest networks in the UAE as well as branches and offices in 18 countries stretching across five continents from the Far East to the Americas.

A comprehensive financial institution, NBAD offers a wide range of banking services and products to all segments of clients. NBAD grows strategically toward its vision to be recognised as the World's Best Arab Bank.

Since 2009, NBAD has been ranked one of the World's 50 Safest Banks by Global Finance magazine, which also ranked NBAD the Safest Bank in the Emerging Markets and Middle East.

NBAD is rated senior long term/short term AA-/A-1+ by Standard & Poor's (S&P), Aa3/P1 by Moody's, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia) , giving it one of the strongest combined rating of any global financial institution.

For further enquiries, please contact:
Fadeela Khamis    
Media & PR Senior Officer   
National Bank of Abu Dhabi  
Tel: +97126111511    
Email: fadeela.mohamed nbad.com 
Web: www.nbad.com   

Fakher Daghestani
Communications Director, Middle East
Boeing International
Tel: +97142134700
Email: fakher.a.daghetsani@boeing.com
Website: www.boeing.com

Allison Bone
Communications Director, Boeing Capital
Tel: +1 425-965-4057
Email: allison.bone@boeing.com
Website: www.boeing.com/bcc

© Press Release 2015