Bank ABC closes aircraft financing for DAE Capital

30/10/2017 05:50 AST

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.

Biz Bahrain