New deal boosts $900m Sanad-Etihad tie-up

Sanad, an industry leader in aerospace engineering and leasing solutions, and Etihad Airways, the UAE's national carrier, have struck a new deal to further build on their $900 million partnership.
The two entities announced the additional deal during the Global Aerospace Summit in Abu Dhabi, where industry leaders convened to discuss the impact of Covid-19 on the aerospace, defense and space industries.
The latest deal, which expands the $900 million-plus partnership between Sanad and Etihad Airways for additional spare engines and rotable components, includes a sale-and-leaseback, SLB, agreement for an additional GEnx engine and a Rolls Royce Trent XWB engine, with a second XWB spare option.
The latest deal by Sanad, a wholly-owned subsidiary of Mubadala Investment Company, is close on the heels of a Dh1 billion deal the Abu Dhabi-based group inked with Pratt & Whitney and International Aero on Monday.
As per the new deal, the aerospace engineering firm will also provide access to increased B787 rotable components and extended terms for existing GEnx spare engine agreements.
Troy Lambeth, group chief executive officer of Sanad, said, the deal confirms Sanad's long-term commitment to support our industry partners despite the extraordinary challenges the industry is currently facing. "We remain fully committed to Etihad Airways, and this agreement expands and deepens our portfolio with more entry-into-service asset types including our ninth GEnx, and our first Rolls Royce XWB spare engine."
Adam Boukadida, chief financial officer of Etihad Aviation Group, said the latest collaboration between Sanad and Etihad Airways underlined the effectiveness of two leading Abu Dhabi aviation companies working together to achieve a successful and long-term result for Abu Dhabi as both entities continue in their shared mandate to further establish their 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," said Boukadida.
Sanad Group, which came into being following the consolidation of Mubadala's financing, leasing and MRO businesses in 2019, provides financing, leasing and maintenance services to the global aerospace, energy and industrial sectors.
issacjohn@khaleejtimes.com

Issac John

issacjohn@khaleejtimes.com