Leading aircraft manufacturer Airbus has signed a deal for spare parts financing with Abu Dhabi National Leasing Company (ADNL), a wholly-owned lease finance arm of the National Bank of Abu Dhabi (NBAD).

Under the facility, ADNL will finance spare parts for Airbus’ fast growing Flight Hour Services (FHS), said a statement.
 
The deal follows the signing of a memorandum of understanding (MoU) between the two companies last year, which stated that ADNL will facilitate and provide aircraft delivery financing solutions to airlines in the Gulf Cooperation Council (GCC) region for the acquisition of aircraft ordered from Airbus, it said.

It will also provide additional financing support by way of sale and leaseback transactions with its airline customers for Airbus aircraft, it said.

Yousef Abdulla Yousef, managing director of ADNL, said: "Aviation is a huge growth driver of the UAE’s economy and UAE airlines are key enablers of this. We believe in investing in the future by supporting the country’s airports and airline networks.

“The collaboration with Airbus creates possibilities for significant advancements in the region’s aviation industry through innovation and best-practice.”
 
Harald Wilhem, chief financial officer, Airbus Group, said: ”We are very pleased with the financing and the confidence that ADNL has shown in Flight Hour Services.

“Airbus seeks to build its relationships with financiers in the Middle East, and here ADNL demonstrates a substantial commitment to develop our service business.”

Airbus’ FHS consists of guaranteed solutions ranging from component supply and repair to full airframe maintenance, he added. - TradeArabia News Service