Sanad closes $55mln financing deal with Commercial Bank of Dubai

Collaboration between Sanad Capital and the Commercial Bank of Dubai will fund the purchase of two new GEnx and XWB engines

  
A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

A man cleans the windows of a branch of the Commercial Bank of Dubai on Baniyas Road in Dubai February 6, 2012.

REUTERS/Nikhil Monteiro

ABU DHABI - Sanad Capital, a wholly-owned subsidiary of Mubadala Investment Company and the global aerospace engineering and leasing solutions leader, has closed a US$55 million debt financing deal with the Commercial Bank of Dubai, one of the UAE’s leading financial institutions.

The first-ever collaboration between Sanad Capital and the Commercial Bank of Dubai will fund the purchase of two new GEnx and XWB engines that were recently acquired through a long-term sale and leaseback agreement.

Troy Lambeth, Group CEO, Sanad said, "Our partnership with the Commercial Bank of Dubai is a strong validation of Sanad Capital’s ability to attract liquidity that supports growth targets, especially in the challenging current environment. We look forward to growing our relationship with the Commercial Bank of Dubai as part of Sanad’s ongoing commitment to support the global aviation industry in years to come."

Dr. Bernd van Linder, Chief Executive Officer, CBD said, "We are delighted to partner with Sanad and support them as they look to grow and expand their business. Sanad Capital has an exemplary performance track record in the aircraft engine and component leasing space, and we look forward to strengthening our relationship and facilitating their future expansion as well."

At last year’s Global Aerospace Summit, which was held in Abu Dhabi, Sanad Capital announced a new deal with Etihad Airways that takes the pair’s ongoing partnership commitments to US$900 million-plus. The new agreement covers additional spare engines and rotable components, including a sale-and-leaseback (SLB) agreement for an additional GEnx engine and a Rolls Royce Trent XWB engine, with a second XWB spare option.

© Copyright Emirates News Agency (WAM) 2021.

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