ADNL and FAS sign Dhs875m lease finance deal

H.H. Sheikh Dr. Sultan Bin Khalifa Bin Zayed Al Nahyan, the patron-in-chief of FAS, a leading aircraft chartering and maintenance company based in Abu Dhabi, and Mr. Michael Tomalin, NBAD's Chief Executive have signed the agreement at NBAD head office in Abu Dhabi.

The facility will be used to acquire 23 additional corporate jets and helicopters. The corporate jet orders include Embraer Legacy 600, Gulfstream G450, Embraer Lineage 1000, Embraer Phenom 300, and GROB SPn while the Helicopter orders include Agusta A109, and Eurocopter EC130.

With these additional, FAS will pursue its ambitious expansion plans offering services for air taxi and tourism, corporate and VVIP, search and rescue, oil and gas offshore support and air ambulance/helicopter emergency medical services (HEMS).

"NBAD and ADNL are proud to play a major role in FAS's continued growth. This agreement comes to reflect that we are well positioned to take advantage of the massive growth opportunities in Abu Dhabi and its firm commitment to play a significant part in the economic development of the UAE," said Mr. Akram Mark Yassin, Senior General Manager of NBAD's Corporate & Investment Banking Division.

"We appreciate our business partners who are eager to strengthen the development of the UAE's aviation and tourism sector by expanding its fleet to meet the increasing demands in this sector," he added.

"NBAD's outstanding loans for the transport sector increased to Dhs5.16bn by the end of 2007 compared to Dhs2.6bn in 2006 while outstanding loans for the services sector increased to Dhs4.97bn in 2007 compared to Dhs1.2bn in 2006. This shows "The Number One Bank in the UAE" strives to keep pace with the development of the UAE and play a major role in building the country," Mr. Yassin concluded.

"We are delighted to play a major role in facilitating FAS' ambitious expansion plans as the company provides specialized and unique services and caters to the high demand in aviation and tourism sector especially with the rapid expansion of aviation industry and tourism sector in the GCC," said Mr. Yousef Abdulla Yousef, General Manager of ADNL.

"This is a landmark deal for ADNL which is diversifying its portfolio of assets/equipment into different lines of business activities and focusing more on productive asset which will eventually contribute to the economic growth" he added.

"Besides aircraft, ADNL offers a wide variety of equipment including construction equipment, Earth Moving Equipment, Cranes, Bulldozers, Heavy Commercial Vehicles, District Cooling Plants, Turbine Generators, Printing presses, Cargo Ships, Yachts, Fixed and Rotor Wing aircrafts, Plant & Machinery and other movable assets," ADNL's General Manager explained.

"We are proud to be cooperating with NBAD, a highly reputable bank with strong track record" said Mr. Salem Al-Kayoumi, Chairman of FAS.

"We are committed to delivering the highest level of aviation services that establish benchmark standards in terms of safety, quality and customer service. FAS commercial operations provide corporate charter, air taxi and oil & gas offshore services throughout the UAE and the region using a modern fleet of helicopters. This deal enables us to expand our fleet and cater to the ever increasing market demands underpinned by our firm firm orders for 15 additional Corporate Jets and 8 additional helicopters," he added.

"We are extremely pleased with the professional approach of Abu Dhabi National Leasing Company (ADNL) while handling this transaction which reflects their experience and expertise in leasing deals of this nature," FAS' Chairman concluded.

Officials attending the signing ceremony at NBAD main office in Abu Dhabi from Falcon Aviation Services were H.H. Sheikh Dr. Sultan Bin Khalifa Bin Zayed Al Nahyan, Mr. Salem Al-Kayoumi, FAS' Chairman, and Philip Markham, the FAS CEO.

Officials attending from NBAD were Mr. Michael Tomalin, NBAD's Chief Executive, Mr. Akram Mark Yassin, Senior General Manager of NBAD's Corporate & Investment Banking Division; Mr. Yousef Abdulla Yousef, General Manager of ADNL, staff of ADNL, and other distinguished officials and guests.