The New York branch of Arab Banking Corporation (ABC) is pleased to announce the successful close and first pre-delivery payment (PDP) funding of the US$78.3 million seven year Export-Import Bank of the United States (Ex-Im Bank) Guaranteed Loan Facility for Saudi private carrier National Air Services (NAS).
The Facility finances the PDP and final delivery payments for NAS of the purchase of three Gulfstream G450s, and is guaranteed by the Ex-Im Bank.
During the last four years ABC has closed four separate aircraft financing transactions with NAS.
Riyadh-based NAS, the largest private operator of business jets in the Middle East, and the largest provider of VVIP and executive air transport services in the region, ordered the aircraft from Gulfstream Aerospace, a wholly-owned subsidiary of General Dynamics.
The three Gulfstream G450s, each a large-cabin, long-range business-jet aircraft, will be delivered over the course of 2007, and represent an important component in NAS’ fleet.
Background of parties involved
NAS Since its establishment in 1999 by a group of Saudi investors, National Air Services (NAS) has become the leading provider of aviation services in the Middle East. From its base in Riyadh, the company provides its vast array of customers in the region with complete and innovative aviation services.
Products and services offered include NetJets Middle East (Aircraft Fractional Ownership & Leasing), Aircraft Management Services, Aircraft Charter Services, Al Khayala Airlines which targets business and first class travellers and the recently launched NAS Air, Saudi Arabia’s first budget carrier.
Arab Banking Corporation in New York is part of the Bahrain-headquartered ABC Group, a leading bank in the GCC and North Africa that operates as an offshore commercial bank. With nearly 30 years of achievement, ABC provides a full range of retail and commercial banking, corporate finance, discretionary fund management, foreign exchange, derivatives, Islamic banking and financial advisory services in the markets in which it offers those services. It has a widespread network in Arab world countries and international financial centres, including London, Paris, Milan, Frankfurt, New York, Singapore, Tripoli, Tunis, Algiers, Egypt, Bahrain, Beirut, Abu Dhabi, Tehran, Amman and Baghdad.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees, and direct loans. In fiscal year 2006, Ex-Im Bank authorized over $12.1 billion in transactions supporting an estimated $16.1 billion in U.S. exports.