Abu Dhabi, Dec.19th, 2006 (WAM) -- Oasis International Leasing,PJSC, and National Air Services of Saudi Arabia have announcedthat they have completed a multi-faceted sale and operating leaseagreement involving six aircraft. The deal is reported to beworth more than $130 million. NAS is currently the largest non-scheduled executive charter and VIP air carrier in the MiddleEast.

Gordon Dixon, CEO of Oasis noted the agreement is a first forOasis in the thriving business and corporate jet market. "Weare delighted to partner with NAS on this transaction. The additionof these aircraft to the NAS fleet helps accelerate the growthand development of the business and will, we hope, lead to additionalmutually rewarding opportunities."With a fleet of 33 aircraft currently, NAS has just been licensedby the government to begin operations from Riyadh as a privatescheduled airline in the Saudi domestic market.

The agreement involves the sale of one Airbus A319aircraft,already on lease to NAS from Oasis. An additional A319 in corporateconfiguration is being purchased by Oasis and leased to NAS togetherwith two Gulfstream IV business jets and two Raytheon Hawker800 XP business jets. The terms of the transactions are suchthat NAS will have the option to buy these aircraft in the future.

The Gulfstream is a large-sized business jet that can seat upto 14 passengers. The mid-sized Hawker typically seats six ina luxurious boardroom configuration.

This is the first time that Oasis has ventured into the businessjet market which is growing strongly in the Region.