The National Bank of Abu Dhabi , or NBAD , and aircraft manufacturer Boeing will tap the huge Middle East market for financing and leasing aircraft.
A memorandum of understanding signed between the two companies will focus on creating opportunities for NBAD to advise, arrange and supply financing to support Boeing new-aircraft sales and used-aircraft remarketing in the region, with Boeing engaging with the bank in joint projects, training and issues advocacy.
The two leading firms committed to work together to identify and pursue projects involving structuring and arranging financing and leasing of Boeing products and services to current and potential regional customers. Previously, the two organisations have shared ideas to help stimulate the Middle East’s involvement in the considerable opportunities associated with commercial aircraft investment which, as an asset class, has outperformed other alternatives even through economic uncertainties.
“Boeing has a long and valued relationship with the UAE, and NBAD has a team that leads in business innovation and is a trendsetting bank and aircraft lessor. Today’s agreement represents the next logical step for both of us in meeting the needs of the growing Middle East aviation market,” said Mike Cave, president of Boeing Capital Corporation, the manufacturer’s financing and leasing unit.
In Boeing’s latest 20-year commercial aviation market outlook, the Middle East is projected to become one of the largest aviation markets in the world over the next two decades with the need for 2,370 commercial jet aircraft with a value of $470 billion.
“The airline industry in the Middle East and the UAE in particular is very strong and growing significantly. The National Bank of Abu Dhabi would leverage its partnership with Boeing to support and grow this market,” said Mark Yassin, senior general manager of NBAD ‘s Corporate and Investment Banking Division.
Khaleej Times
