Bank ABC, acting as sole Mandated Lead Arranger,
has successfully closed the financing of an Airbus A320-200 aircraft for DAE
Capital. The aircraft will be operated by flyadeal, the low-cost carrier
recently established by Saudi Arabian Airlines. The aircraft is one of
eight that will be leased by DAE Capital to the airline with Bank ABC providing
funding for two aircraft.
Jonathan Robinson, Bank ABC Group Head of
Wholesale Banking, said: “We are very pleased to have played a role in the
delivery of this new aircraft to flyadeal. Bank ABC is a leading provider
of specialised finance solutions in the Middle East and this deal demonstrates
Bank ABC’s ability to structure, arrange and fund a complex cross-border
financing on schedule and underlines the Bank’s commitment to the aviation
sector and our commercial leasing partners, in this case DAE Capital.”
Firoz Tarapore, CEO of DAE Capital, said: “Many
thanks to Bank ABC for its continued support of DAE Capital following its
acquisition of AWAS. Our company intends to continue to employ a diversified
funding strategy, and maintaining our relationship with Bank ABC via this
important transaction is therefore highly appreciated as we enter a new growth
phase and transition DAE Capital into the top tier of aircraft lessors.”
DAE Capital, Dubai Aerospace Enterprise’s
award-winning leasing division, has an owned, managed and committed fleet of
nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of US$14 billion.
DAE’s strong capital base, its full-service, best-in-class platform and its
three decades of leasing experience allows it to provide customized and
comprehensive solutions to airlines to address their fleet ambitions.
The Bank ABC Group is a leading international
wholesale bank providing innovative wholesale financial products and services
that include corporate banking, trade finance, project and structured finance,
debt capital markets, syndications, treasury products and Islamic banking. It
also provides retail banking services through its network of retail banks in
Jordan, Egypt, Tunisia and Algeria.
Bank ABC Group Head of Wholesale Banking
CEO of DAE Capital