Sanad Aerotech, the wholly-owned maintenance, repair, and overhaul (MRO) provider for aircraft engines by Mubadala Investment Company, announced it has signed an AED 422 million financing agreement with Mashreq Bank.
The bank facilities will be used to carry out Sanad Aerotech’s expansion plans, according to a press release.
This comes as a result of the remarkable growth the company achieved in the services it provides to leading airlines globally and international aerospace original equipment manufacturers (OEMs), Sanad Aerotech highlighted.
“We are pleased to partner with Mashreq Bank and this successful transaction underscores the confidence that the banking community has in our business. We are delighted to have strong support as we execute our strategy and position Sanad Aerotech for a strong future. The recognition for our credit is a testament to Sanad Aerotech’s operational excellence and strong business outlook,” chief financial officer (CFO) of Sanad Aerotech Kashish Kohli said.
Moreover, Ahmed Abdelaal, 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. We believe the Middle East region is witnessing significant growth in the MRO industry and our financing facility will serve an important market need.”
It is worth noting that Sanad Aerotech recently penned an AED 23 billion landmark agreement with the London-based engineering company Rolls-Royce plc to become a Rolls-Royce Trent 700 Authorised Maintenance Centre (AMC).
Under this agreement, Sanad Aerotech will offer complete overhaul services for Trent 700 engines to operators globally over a nine-year period starting 2019.
Furthermore, Sanad Aerotech will also provide MRO for the V2500 engines which operate the Airbus A320 fleet, as well as for GEnx engines used on Boeing B747 and B787 aircraft.