17 December 2013, Abu Dhabi: Sanad Aero Solutions GMBH (Sanad), Mubadala’s spare engine and component financing and leasing solutions company, has further developed its long-term engine leasing relationship with airberlin to over $130 million, adding four new CFM56-7B engines under a sale and lease back agreement and taking out three older CFM56-7B. This expands the current engine portfolio with Sanad to include fifteen spare engines, increasing airberlin’s operational efficiencies and expanding Sanad’s lease pool arrangement, utilizing spare capacity across Mubadala’s MRO Network customer base.
Suresh Rao, Chief Operating Officer at Sanad, said:
“Sanad and airberlin have worked closely together since Sanad’s launch and we are delighted to continue growing our relationship, adding four new CFM56 engines to our agreement. Sanad remains committed to driving value for its partners and supporting them to achieve their long term business objectives. We look forward to further collaboration with airberlin.”
The addition of these engines will ensure airberlin’s MRO requirements are fully met during peak maintenance periods, with further support through the wider Mubadala Aerospace MRO Network, including a ten-year contract with SR Technics to provide comprehensive engine maintenance services for airberlin’s Airbus and Boeing fleets.
Ulf Hüttmeyer, Chief Financial Officer at airberlin, said:
“The relationship with Sanad enables us to optimize our spare engine requirements in accordance with the fleet development going forward. The customer driven focus of Sanad allows a very efficient management of our spare engine portfolio by adding new engines and phasing out older ones once required. The relationship with Sanad positions airberlin in a favorable manner to meet the operational needs as well as being positioned in a flexible manner for the competitive environment in the global aviation market.”
Sanad Aero Solutions GMBH (Sanad) is an industry leader in integrated financing and leasing solutions for spare engine and aircraft components with assets that exceed $750 million, supporting a growing portfolio of airline customers in the MENA region, Europe, Asia and North America. Launched in 2010 and headquartered in Switzerland, Sanad has offices in Zurich and Abu Dhabi.
Sanad is wholly-owned by Mubadala, the Abu Dhabi based investment and development company. Sanad is also part of the Mubadala Aerospace MRO network, alongside Abu Dhabi Aircraft Technologies LLC (ADAT) and SR Technics.