Jeddah-based National Air Services (NAS) and Arab Banking Corporation (ABC) have signed an agreement for the financing of a Gulfstream IV-SP aircraft. NAS will introduce this new $30 million aircraft into its NetJets Middle East Fractional Aircraft Program (NJME), stated a press release.
This financing is the latest of several specialized asset-backed financing transactions in which ABC has been involved on an international level. ABC established a dedicated Global Project & Structured Finance unit at the beginning of 2001. The financing is also the second announced this year by NAS and is part of a long term financing strategy currently being implemented by the company.
NAS was established in 1999 as a provider of private aviation services in the Middle East and has additional offices in Cairo, Riyadh and Bahrain. The company offers a growing private aircraft charter program, a private aircraft management program and a hybrid program which combines the benefits of many services into one package. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
