18 Dec 2014 16:00
Etihad Airways, the national airline of the UAE, has selected Abu Dhabi-based FGB and The National Commercial Bank (NCB) of Saudi Arabia to provide financing for the purchase of a number of its Boeing 787-9 Dreamliner aircraft, the first of which was on show today at Abu Dhabi International Airport.
The financing from FGB and
NCB is provided through Sharia-compliant facilities following a request for
proposal issued in May this year, which saw high levels of interest from global
banks and leasing companies.
FGB and NCB won the mandate
for the financing based on very competitive pricing and terms against stiff
international competition. Etihad Airways currently has 109 aircraft in its fleet and a further 97 Boeing
aircraft on order, including 71 B787s.
James Rigney, Chief
Financial Officer of Etihad Airways, said: “The deal with FGB and NCB provides
financing that enables us to expand our fleet significantly and deliver an
unrivalled product on the new Boeing 787, creating an unmatchable guest
experience through our first-of-kind, re-modelled First, Business and Economy
Class cabins.
“FGB has been a key
financial partner over the years and we are pleased to take this partnership forward. We also welcome NCB on its first direct
financing agreement with us as an important new partner and look forward to
growing our relationship with them.”
Steven Perry, Head of Debt
Markets and Syndications for FGB, said: “FGB has significantly enhanced its
aviation financing knowledge and expertise, putting us on par with
international investors in this competitive sphere. As one of the leading banks in the UAE, we
are thrilled to be working with Etihad Airways to support the continued development
of the UAE economy through growing our aviation sector together.”
Yasir AbuSulayman, Head of
Structured Finance for NCB said: “NCB is a significant financier in the
regional aviation market and is proud to be involved with Etihad Airways for this
milestone finance deal. NCB looks
forward to growing our relationship with Etihad Airways.”
The Boeing 787-9 will enter into service next year to operate
flights between Abu Dhabi and Düsseldorf and between Abu Dhabi and Doha. The Boeing 787-9 will be introduced on six of the
airline’s routes from February to June 2015, including Washington D.C., Mumbai,
Brisbane and Moscow.