Mubadala Development, the investment arm of the Abu Dhabi Government, has entered the aviation components financing sector with a US$100 million (Dh367m) deal with Air Berlin.
Mubadala will provide financing for the purchase of 12 spare engines for the German carrier, it confirmed yesterday. The arrangement was tied to a 10-year engine-servicing contract between Air Berlin and SR Technics, an aircraft maintenance, repair and overhaul (MRO) firm based in Switzerland that is controlled by Mubadala.
Homaid al Shemmari, the associate director of Mubadala Aerospace, said the transaction illustrated the progress on the firm’s MRO strategy, which calls for developing SR Technics and another Mubadala affiliate, Abu Dhabi Aircraft Technologies, into leading players in the maintenance business even as the industry is dragged down by the economic downturn.
No comments:
Post a Comment