ABU DHABI, UAE

Two of Abu Dhabi’s leading aviation entities, Sanad Capital, Mubadala Investment Company PJSC’s asset leasing and financial services company and Etihad Airways have announced the closing of a major new spares deal that further aligns Sanad’s spares support to Etihad’s long term fleet plan, expanding their now US$ 900M+ relationship to include additional spare engines and rotable components.

The latest agreement sees the two companies enter into the sale–and-leaseback (SLB) of an additional GEnx engine and a Rolls Royce Trent XWB engine, the first for Sanad with an option for a second XWB spare. The deal also expands the existing B787 rotable components access agreement to include additional components, the extension of terms for several existing GEnx spare engines as well as the early termination of various spares no longer required by the airline.

Troy Lambeth, Group Chief Executive Officer of Sanad, said: “Despite the extraordinary challenges the industry is currently facing, this deal confirms Sanad’s long term commitment to support its industry partners. We are very excited about the continued growth of our relationship with Etihad Airways and are especially pleased to expand and deepen our portfolio with more entry-into-service asset types including our 9th GEnx and now our first Rolls Royce XWB spare engine.”

Adam Boukadida, Chief Financial Officer of Etihad Aviation Group, added: “This latest collaboration between Sanad and Etihad Airways underlines the effectiveness of two leading Abu Dhabi aviation companies working together to achieve a successful and long-term result for Abu Dhabi as we continue in our shared mandate to further establish our home base as a global aviation hub. Sanad continues to be a trusted and reliable partner for Etihad Airways and its continued support is well aligned with our long-term plans and fleet strategy.”