SANAD AND FAB CLOSE NEW $100 MN FINANCING AGREEMENT

Sanad, the global aerospace engineering and leasing solutions leader wholly-owned by Mubadala Investment Company PJSC (Mubadala), has secured a new US$ 100 million evergreen revolving credit facility with First Abu Dhabi Bank (FAB) the UAE’s largest bank and one of the world’s largest and safest financial institutions.
The new financing deal, signed during this week’s Dubai Airshow 2021, extends Sanad and FAB’s 10-year relationship which has now seen the two UAE-based companies close over US$ 950 million worth of combined agreements. The various financings are extended in support of Sanad’s global spare engine leasing and component access portfolios.
Troy Lambeth, Group Chief Executive Officer of Sanad, said: “Our longstanding banking relationship with FAB, the oldest and largest within Sanad, has played a key role in our growth as a reliable financial solutions provider within the industry. Working closely with each of our banking partners, we have been well positioned to provide attractive long-term financing solutions to our customers since our launch. We are delighted to see our relationship with FAB expand to this new facility as we now look to extend our product and service offerings further across the industrial services sector.”