Sanad, and a wholly owned subsidiary of Mubadala Investment Company, and Etihad Airways, the UAE’s national carrier, have closed a new spare engine deal which further cements Abu Dhabi’s position as a self-sustaining international aviation sector hub.
The announcement of the new deal came during the Global Aerospace Summit in Abu Dhabi, where industry leaders convened to discuss the impact of COVID-19 on the aerospace, defence and space industries.
The new 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.
Sanad will also provide access to increased B787 rotable components and extended terms for existing GEnx spare engine agreements.
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Troy Lambeth, Group Chief Executive Officer of Sanad, said: “Despite the extraordinary challenges the industry is currently facing, this deal confirms Sanad’s long-term commitment to support our industry partners.
"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, added: “This latest collaboration between Sanad and Etihad Airways underlines the effectiveness of two leading Abu Dhabi aviation companies working together to achieve a successful and long-term result for Abu Dhabi as we continue in our shared mandate to further establish our 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.”
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