Oasis Leasing predicts bright future

In his closing comments as Chairman, HE Khaldoon Khalifa Al Mubarak noted that the upturn in the commercial aviation sector combined with the boom of new investment in Abu Dhabi places Oasis in an enviable position where it is uniquely suited to expand into new and profitable investments.

"The future prospects of the company are bright, with anticipated returns in excess of 15 per cent on our recent transactions and a profit estimated at AED 70 M for the current year, "he said. HE Al Mubarak also apologized to shareholders for having to leave the Oasis Board at this time in the company's development, but noted his departure is a direct consequence of his responsibilities as the Chairman of the Executive Affairs Authority and increased commitments. He also added that Oasis will always be a special place for him, and he will continue to support the company.

The Chairman said that the company anticipated closing a deal with Tabreed in the coming weeks. He noted the future prospects of Oasis are increasing rapidly as the business world takes note of recent transactions within the leasing sector and begins to accept leasing as a viable financing option.

The Chairman also welcomed the new members of the board, who will join existing members Saeed Al Hajeri and John MacBeath. The new members of the Oasis Board of Directors are: HE Hussain Al Nowais, serving as Chairman, Khalil Foulathi, who will serve as Vice-Chairman, Waleed Al Mokarrab Al Muhairi, Fahad Saeed Al Raqbani and Carlos Obeid.

The incoming Chairman said the new board recognizes the desire of shareholders for strategic investments in new and dynamic ventures both in Abu Dhabi and internationally.

"The new Board looks forward to leading the company and providing Oasis management with the kind of executive oversight that assists them in taking advantage of the new opportunities that are opening up, especially in the infrastructure of the UAE,"

HE Al Nowais said.

The OGM was relatively well attended and the shareholders listened attentively as they were briefed on the track record of the company, which last week inked a major transaction with Etihad Airways for six Airbus A330-200 aircraft. Earlier this year Oasis announced that it had acquired a share in a US $ 900 Million portfolio of 25 aircraft with different carriers. The company has also floated two successful rights issues to raise capital as well as negotiated a strong and flexible credit position with local and international finance lenders.

Gordon Dixon, CEO, said revenue projections for the company are expected to top AED 324 Million in 2006, from AED187 M in 2005. He said that while the company has become known for its involvement in the aviation sector it is intent on pursuing new business in sectors where leasing presents an attractive alternative to buying big ticket items and equipment outright while maintaining a strong presence in the aircraft sector which will continue to be the company's main focus.