Waha Capital closes financing of AED 6.7 billion transportation aircraft for UAE Armed Forces

Published January 6th, 2010 - 07:49 GMT

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Waha Capital (PJSC) today announced the closure of an AED 6.7 billion (USD 1.8 billion) military deal, to facilitate the U.A.E Armed Forces’ logistics, airlift and humanitarian aid programs through the purchase of transportation aircraft. This was announced during a press conference in Abu Dhabi, which was attended by Hussein Jassim Al Nowais, Chairman of Waha Capital and a number of company executives.

Waha Capital has worked closely with both local and international partners to bring the deal to a close, and facilitate the financing of the project. Nine of the world’s largest and most modern aircraft will be delivered as part of the deal, including, three Airbus A330-200 multi-role and tanker transport aircraft have been acquired for AED 4.4 billion (USD 1.2 billion) as well as six Boeing C-17 A Globemaster III aircraft for AED 2.3 billion (USD 634 million).

The aircraft are scheduled for delivery over the next three years, with four being handed over in 2011 and the rest in 2012. The deal, which is the largest in the company’s history, has been financed by leading international financial institutions.

Hussein Jassim Al Nowais, Chairman of Waha Capital, commented, “We are very pleased to be able to facilitate the expansion of the humanitarian and aid capabilities of the U.A.E Armed Forces. The financial backing we have received from reputable international financial institutions, is testemony to the confidence of the international community in the strength of the U.A.E economy and financial credibility the Abu Dhabi Emirate.”

The deal was closed within a record timeframe, by the Waha Capital and GHQ team, with its UAE national and international experts that have a solid track record of local and global milestone achievements.

This project will help accelerate the sustainable growth of the company and its financial performance and will add value for shareholders and investors. The deal demonstrates the support the U.A.E and the Emirate of Abu Dhabi in particular, are giving the global economy by providing investment opportunities for the company’s local and international partners.

“This deal underlines the commitment of the UAE Government in general, and Abu Dhabi in particular to boosting both the local and international economy by providing investment opportunities for partners,” said Al Nowais. “The deal will boost employment opportunities, finance and industry, while at the same time allowing parties to further optimize investment and development in multiple sectors” Al Nowais said.

Today, Waha Leasing manages and/or has a financing interest in a AED 16 billion ($4.32 billion) portfolio of more than 100 commercial aircraft operating on four continents. Clients include Etihad Airways, Emirates Airlines, Aeroflot, Qatar Airways, Air Canada and Malaysia Airlines.