Sanad Aerotech, a leading solution and maintenance, repair and overhaul (MRO) provider for aircraft engines that is wholly owned by Mubadala Investment Company has signed an Dh422 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 to become a Rolls-Royce Trent 700 Authorised Maintenance Centre (AMC). The agreement, which is valued at Dh23 billion, 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. - TradeArabia News Service