UAE- Etihad, Sanad in USD125m sale, lease back deal

26 Mar 2013

(MENAFN) Etihad Airways’ CEO, James Hogan, announced that the Abu Dhabi-based carrier has inked a USD125 million parts contract with Sanad Aero Solutions (SANAD), reported Arabian Business.

Hogan said that the 10-year deal is for the sale and lease back of some of the airline’s key component spares, noting that SANAD, which is part of Mubadala Aerospace, would buy the unspecified spares that comprise parts for Etihad’s fleet of passenger and cargo planes.

The CEO added that the contract offers Etihad a long-term financing solution for many of its main component spares, and at the same time, it eases residual value risk and grants competitive cost of ownership over the long term.

It is worth noting that in 2011, the two parties also inked a similar sale and lease back agreement for the financing of 5 General Electric GE90 and 6 Rolls Royce Trent 500 aircraft engines.

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