Airbus, one of the world’s leading manufacturers of aircraft, today signed an agreement for aircraft spare parts financing with Abu Dhabi National Leasing Company (ADNL), the wholly owned lease finance arm of the National Bank of Abu Dhabi (NBAD). Under the facility, ADNL will finance spare parts for Airbus’ fast growing Flight Hour Services (FHS).
Heads of Terms was signed today in Toulouse by Harald Wilhelm, Chief Financial Officer, Airbus Group, Nigel Taylor, SVP Customer, Project and Structured Finance, Airbus Group, Yousef Abdulla Yousef, Managing Director, ADNL and Jawaid Abdullah, Executive Director, ADNL.
The agreement between Airbus and ADNL follows the signing of a Memorandum of Understanding (MoU) between the two companies, which took place last year. Under the MoU, ADNL will facilitate and provide aircraft delivery financing solutions to airlines in the Gulf Cooperation Council region for the acquisition of aircraft ordered from Airbus. ADNL will in addition provide financing support by way of sale and leaseback transactions with its airline customers for Airbus aircraft.
"Aviation is a huge growth driver of the UAE’s economy and UAE airlines are key enablers of this. We believe in investing in the future by supporting the country’s airports and airline networks,” said Yousef Abdulla Yousef, Managing Director of ADNL. “The collaboration with Airbus creates possibilities for significant advancements in the region’s aviation industry through innovation and best-practice,” he added.
In an increasingly competitive environment, customers require cost-effective maintenance outsourcing options aimed at securing aircraft technical performance with minimal risk and investment. Airbus delivers customized outsourcing solutions for maintenance to meet the unique business model of each airline.
"We are very pleased with the financing and the confidence that ADNL has shown in Flight Hour Services,” said Harald Wilhelm, CFO, Airbus Group. “Airbus seeks to build its relationships with financiers in the Middle East, and here ADNL demonstrates a substantial commitment to develop our service business,” he added.
Airbus Flight Hour Services consists of guaranteed solutions ranging from component supply and repair to full airframe maintenance. Expertise, quality, flexibility and cost-efficiency are cornerstones of the Airbus Flight Hour Services offer, guaranteeing the availability of all primary line replaceable unit spare parts through an exclusive on-site stocks and pool access services, as well as state-of-the-art repair services.