Sanad grows relationship with airberlin to over $130 million
The aviation industry is booming on all front in the GCC. (Image credit: Shutterstock)
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Sanad Aero Solutions, Mubadala’s spare engine and component financing and leasing solutions companies, which has engine leasing relationships with airberlin is now worth more than $130 million under a new sale and lease back agreement that sees Sanad adding four new Rolls-Royce CFM56-7B engines to its portfolio.
Sanad’s will also take out three older versions of the CFM56’s as part of the deal according to an article in Gulf News.
According to Sanad the new agreement enhances airberlin’s operational efficiencies ensuring maintenance, repair, and overhaul (MRO) requirements are met during peak periods. It also expands Sanad’s leasing pool arrangement.
Suresh Rao, Sanad Chief Operating Officer, stated “Sanad and airberlin have worked closely together since Sanad’s launch and we are delighted to continue growing our relationship... Sanad remains committed to driving value for its partners and supporting them to achieve their long term business objectives. We look forward to further collaboration with airberlin.”
Ulf Hüttmeyer, Chief Financial Officer at airberlin, stated the airlines relationship with Sanad was favorable to the airline’s competitive needs.
“The relationship with Sanad enables us to optimize our spare engine requirements in accordance with the fleet development going forward,” he stated.
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