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MANAMA: Bahrain-based Bank ABC, acting as sole mandated lead arranger, has closed the financing of an Airbus A320-200 aircraft for DAE Capital.
The aircraft will be operated by flyadeal, a low-cost carrier established by Saudi Arabian Airlines.
It is one of eight planes that will be leased by DAE Capital to the airline with Bank ABC providing funding for two aircraft.
“We are very pleased to have played a role in the delivery of this new aircraft to flyadeal,” said Bank ABC Group wholesale banking head Jonathan Robinson.
“This deal demonstrates Bank ABC’s ability to structure, arrange and fund a complex cross-border financing on schedule and underlines our commitment to the aviation sector and our commercial leasing partners.”
Saying that the transaction with Bank ABC was important as the company entered a new growth phase, DAE Capital chief executive Firoz Tarapore said it was looking to transition into the top tier of aircraft lessors.
Bank ABC is a leading provider of specialised finance solutions in the Middle East.
DAE Capital, Dubai Aerospace Enterprise’s leasing division, has owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of $14 billion.
The aircraft will be operated by flyadeal, a low-cost carrier established by Saudi Arabian Airlines.
It is one of eight planes that will be leased by DAE Capital to the airline with Bank ABC providing funding for two aircraft.
“We are very pleased to have played a role in the delivery of this new aircraft to flyadeal,” said Bank ABC Group wholesale banking head Jonathan Robinson.
“This deal demonstrates Bank ABC’s ability to structure, arrange and fund a complex cross-border financing on schedule and underlines our commitment to the aviation sector and our commercial leasing partners.”
Saying that the transaction with Bank ABC was important as the company entered a new growth phase, DAE Capital chief executive Firoz Tarapore said it was looking to transition into the top tier of aircraft lessors.
Bank ABC is a leading provider of specialised finance solutions in the Middle East.
DAE Capital, Dubai Aerospace Enterprise’s leasing division, has owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of $14 billion.
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