Wednesday, 11 September 2019

Saudi Arabia's NCB takes on a 19 strong aircraft portfolio from AerCap

One of the worlds biggest aircraft leasing firms,  AerCap has agreed on the sale of a 19 strong aircraft portfolio to Dara Aviation an Irish firm established by NCB Capital. NCB Capital has $40bn of assets and is the brokerage arm of the National Commercial Bank of Saudi Arabia.

The 19-aircraft portfolio consists of a mix of wide-body and narrow-body aircraft on lease to airlines around the world. As part of the sale, Dara has appointed AerCap as exclusive Servicer. AerCap will provide lease management services including aircraft technical management, lease administration and marketing services.

This is the second aircraft portfolio NCB Capital has purchased from AerCap, they made an acquisition of 21 aircraft back in  2017, which AerCap services.  

"We are very pleased to work with NCB Capital on this second innovative transaction. It reaffirms the attractiveness of our aviation assets globally and the reach and scale of the AerCap platform," said Aengus Kelly, CEO of AerCap. "With this sale, AerCap will have sold or contracted to sell approximately $1.4bn of mid-life assets to NCB since 2017. We thank NCB Capital for the confidence they have placed in AerCap and we look forward to working with the NCB Capital team for many years to come."

Sarah Al Suhaimi, Chief Executive Officer of NCB Capital said, "This innovative transaction and the application of new Shariah-compliant credit facilities, reaffirms NCB Capital's commitment to being at the forefront of the local and regional asset management sectors. We are delighted to have partnered once again with leading financial institutions and AerCap."

AerCap is a global leader in aircraft leasing with 1,373 aircraft owned, managed or on order and $43.1 billion of total assets as of June 30, 2019. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200 customers in approximately 80 countries with comprehensive fleet solutions. AerCap has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Shanghai, Abu Dhabi, Seattle and Toulouse.

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