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Abu Dhabi: Sanad Aerotech, a leading solution and maintenance, repair and overhaul (MRO) provider for aircraft engines that is wholly owned by Mubadala Investment Company PJSC (Mubadala), today signed an AED 422 million financing agreement with Mashreq Bank, one of the leading financial institutions in the UAE.
Sanad Aerotech will use the new bank facilities to implement its ambitious expansion plans resulting from the significant growth in the services it provides to major airlines globally and international aerospace OEM’s.
“We are pleased to partner with Mashreq Bank and this successful transaction underscores the confidence that the banking community has in our business. We are delighted to have strong support as we execute our strategy and position Sanad Aerotech for a strong future. The recognition for our credit is a testament to Sanad Aerotech’s operational excellence and strong business outlook.” said Kashish Kohli, Chief Financial Officer, Sanad Aerotech.
Ahmed Abdelaal, Head of Corporate and Investment Banking at Mashreq Bank, said: “We are delighted to provide a structured financing facility to Sanad Aerotech, one of the fastest growing MRO service providers in the region. The new financing facility is a testament to our ability to offer innovative and tailor made solutions to our clients across diverse industries and support them in their business plans. We believe the Middle East region is witnessing significant growth in the MRO industry and our financing facility will serve an important market need.”
Sanad Aerotech recently signed a landmark agreement with Rolls-Royce plc (Rolls-Royce) to become a Rolls-Royce Trent 700 Authorised Maintenance Centre (AMC). The agreement, which is valued at AED 23billion, will see Sanad Aerotech provide complete overhaul services for Trent 700 engines - including component repair - to operators globally, over a nine-year period (2019-2027). Sanad Aerotech will, under this agreement, more than triple the number of Trent 700 engines it services annually. The company also provides maintenance, repair and overhaul services for the V2500 engines that operate the Airbus A320 fleet, as well as for GEnx engines used on Boeing B747 and B787 aircraft.
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About Sanad Aerotech
Sanad Aerotech is a leading solution and maintenance, repair and overhaul (MRO) provider for aircraft engines. Wholly owned by the Mubadala Investment Company (Mubadala), Sanad Aerotech provides comprehensive MRO services to its global customer base operating aircraft engines on narrow and wide body aircraft including Airbus A330, A320, Boeing 787, 747 and light aircraft.
In partnership with leading global original equipment manufacturers (OEMs), such as GE, International Aero Engines (IAE) and Rolls-Royce, Sanad Aerotech offers world-class services and solutions with the highest level of customized technical support to meet its customers’ requirements.
Sanad Aerotech’s legacy of MRO excellence spans three decades, operating out of its state-of-the-art facilities at Abu Dhabi International Airport in the United Arab Emirates.
To learn more about Sanad Aerotech or Mubadala, please visit www.ts-s.ae or www.mubadala.com.
For media enquiries, please contact:
Mohammad Shaban
+971 55 900 8363
About Mashreq
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices across Europe, Asia, Africa and the US, and a strong presence in all the financial capitals of the world.
As the oldest bank in the UAE, our 51-year old journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart. It also continues to win us numerous awards and accolades in all the fields of banking we operate in – Digital, Corporate, Retail, International, Treasury and Islamic, and across the multiple banking channels we deploy – mobile, digital, online, traditional and telephony.
Mashreq is proud to be the only institution in the UAE to be awarded the Gallup Great Workplace Award for six consecutive years from 2014 to 2019.
For media enquiries, please contact:
Rana AlBorno
Public Relations, Mashreq
Tel: 04 –6083629
Email: RanaAlb@mashreq.com
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