From Left to Right Kashish Kohli, the CFO of Sanad Aerotech and Hind Eisa Salim Ali, the MD of Head of Services & Manufacturing, Mashreq Bank
The new financing facility will be used to implement the company’s ambitious expansion plans resulting from the significant growth in the services it provides to major airlines globally.
Wednesday 02, October 2019 BY KUDAKWASHE MUZORIWA
Mubadala Investment Company’s Sanad Aerotech, an aircraft engine maintenance provider, has signed an AED 422 million financing agreement with Mashreq Bank.
Ahmed Abdelaal, the Head of Corporate and Investment Banking at Mashreq Bank, said, “The new financing facility is a testament to our ability to offer innovative and tailor-made solutions to our clients across diverse industries and support them in their business plans.”
Sanad Aerotech recently signed a landmark agreement with Rolls-Royce to become a Rolls-Royce Trent 700 authorised maintenance centre (AMC).
The Sanad Aerotech-Rolls Royce agreement, which is valued at AED 23 billion, will allow Sanad to provide complete overhaul services for Trent 700 engines—including component repair—to operators globally, over a period of nine years.
The firm also provides maintenance, repair and overhaul services for the V2500 engines that operate the Airbus A320 fleet as well as for GEnx engines used on Boeing B747 and B787 aircraft.