Abu Dhabi's Etihad Airways will receive up to $169 million in financing from state investment fund Mubadala and National Bank of Abu Dhabi to help the airline to lease spare engine parts.
The facility will be arranged by Sanad Aero Solutions, a unit of Mubadala and Abu Dhabi National Leasing (ADNL), the lease finance arm of NBAD, the two companies said in a statement on Wednesday.
ADNL has provided Sanad with a fully underwritten long-term lease facility for purchase and leaseback of five GE90 and six Rolls Royce Trent 500 engines, a company statement said.
Each engine is contracted for a 10-year operating lease term.
ADNL provides a variety of lease and lease-finance facilities to large UAE, Gulf and international corporate entities operating in the Gulf state.
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