With the additional assets, the overall value of Sanad’s leasing relationship with Etihad Airways now exceeds US$450 million.
This relationship began in 2011 through the financing of 11 GE90 and Rolls-Royce Trent spare engines, and the two companies extended this in 2013 through the financing of rotable component spares valued at over US$125 million.
James Hogan, Etihad Airways President and Chief Executive Officer, said: “This latest financial agreement builds on the growing relationship between the two companies, enabling us to benefit from existing synergies, maximize the economics of our assets, and lease spare engines and components at very competitive costs.
“Last year 21 aircraft joined the fleet, including our first A380 and Boeing 787 Dreamliner aircraft. With another 16 Airbus and Boeing aircraft scheduled for delivery in 2015, it’s vital that we have the recommended level of inventory to keep our fleets fully serviceable at all times.”
Troy Lambeth, Chief Executive Officer of Sanad, said: “We are delighted to expand our leasing portfolio with Etihad Airways and extend our long term support to its fleet as it continues to grow. Our relationship with the airline continues to drive our shared mandate in creating a global aerospace hub here in Abu Dhabi and we look forward to further collaboration as a long-term partner in the airline’s record growth.”
Etihad Airways began operations in 2003, and in 2014 carried 14.8 million passengers. From its Abu Dhabi base, Etihad Airways flies to 111 existing or announced passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of 110 Airbus and Boeing aircraft, and more than 200 aircraft on firm order, including 70 Boeing 787s, 25 Boeing 777-X, 62 Airbus A350s and nine Airbus A380s.
Etihad Airways holds equity investments in airberlin, Air Serbia, Air Seychelles, Aer Lingus, Alitalia, Jet Airways and Virgin Australia, and is in the process of formalizing an equity investment in Swiss-based Etihad Regional, operated by Darwin Airline.
Sanad Aero Solutions (Sanad) is an industry leader in integrated financing and leasing solutions for spare engine and aircraft components wholly owned by Mubadala. Sanad’s portfolio exceeds $900 million of assets supporting a broad range of modern commercial fleet types for a growing number of industry leading global airlines. Launched in 2010 and headquartered in Switzerland, Sanad has offices in Zurich and Abu Dhabi.