NAS and ABC sign third aircarft financing agreement

NAS is the leading independent provider of private aviation services in the Middle East region, and is purchasing these two aircraft from Raytheon, at a total price in the range of US $25 million. The company will be utilizing these two aircraft in its NetJets Middle East Fractional Aircraft Ownership and Leasing Program ("NJME"), where Hawkers have already been quite successful, providing intra-regional range capabilities and more than adequate passenger and baggage capacity, in allowing the aircraft to fill a niche in the Middle East with regional business and leisure travellers. NAS has also opted to include full flight attendant services on this aircraft in order to match the unique requirements of the Middle East region.

ABC is the largest bank in the Middle East and its Global Project & Structured Finance unit is a market leader in providing integrated financing services to clients throughout the region.

This international bank financing, which is expected to close before year-end, is the third announced by ABC for NAS this year, after the completion of a Gulfstream IV-SP financing in June and the signing earlier today of an agreement to finance the purchase of three new Gulfstream 300 aircraft, for which the Export Import bank of the United States has agreed to provide its guarantee.

This transaction is also the fourth financing announced by NAS this year for its growing fleet, after a Dassault Falcon 2000 aircraft was financed by the company early in the year. It is the most recent step in the implementation of the company's long term financing and growth strategy.

The signing ceremony was attended by senior officers of NAS and ABC, headed by Mr. Ghazi M. Abdul-Jawad, President & Chief Executive of ABC and Mr. Mohammed H. Al Zeer, NAS President & CEO.

Mr. Al Zeer stated that these agreements represent further enhancements of the company's operational profile in the region, guaranteeing the availability of new top-of-the-line business aircraft for local prospects and extending the company's ability to provide comprehensive, safe and secure solutions, with the highest levels of service, to all users of private aircraft in the region. "This milestone agreement with ABC is yet another vote of confidence in the ability of NAS to service the growing business aviation market in the Middle East," emphasized Al Zeer.

Commenting on the agreement, Mr. Abdul-Jawad said that "ABC is pleased to further develop our business relationship with NAS, building on our earlier transaction, and providing the company with credit facilities which combine considerable financial flexibility for NAS with a secure credit structure from ABC's perspective. ABC expects more business opportunities from the relationship with NAS, and we anticipate arranging future facilities and offering participation in lending transactions to Saudi and other regional banks shortly."

Raytheon VP of International Sales Ted Farid, commenting all the way from Wichita, Kansas, added, "Raytheon is excited to continue supporting the growth of NAS, a true leader in private aviation in the region and one with which we have a long history. Including these aircraft, NAS now operates and/or manages a total of 7 Hawkers-an impressive total for such a young company. We are pleased to be a part of the company's rapid growth over the past few years and to continue supporting them in their ongoing expansion."

ABC established a dedicated Global Project & Structured Finance unit at the beginning of 2001 and the bank has successfully positioned itself as a leader in this field in the Middle East region. The bank offers the full spectrum of project and structured finance services for clients, including financial advisory, debt structuring, underwriting, arranging and syndication.


Al Zeer added that "NAS offers the unique proposition to Middle East customers of unparalleled international service through a truly local company and prides itself on being able to offer flexible, unique, high quality, low cost solutions to all types of private aircraft users, regardless of their diversified requirements. This transaction will ensure that we can continue to do so."

The Hawker 800XP, the world's best-selling and mid-size business jet, offers the largest cabin in its class, with typical seating layouts for six to ten passengers in a variety of configurations. It is especially well suited for Middle East missions- its range of 2600 miles covers all major population centers. The aircraft is fully furnished with hot and cold galley facilities, an airliner-style lavatory compartment, a baggage compartment that is fully accessible during flight. The Hawker 800XP is equipped with Honeywell TFE 731-5BR turbofan engines.