Saudi Arabian fractional and charter operator National Air Services (NAS) inked contracts for five aircraft here at the show yesterday in a pair of deals worth $100 million.
It will buy three Gulfstream 300s and two Hawker 800XPs for delivery next year.
Since launching four years ago with two aircraft, NAS has built its fleet to 32 aircraft – and become the leading provider in the NetJets Middle East Fractional Aircraft Ownership and Leasing Programme (NJME).
Both the Gulfstreams and the Hawkers will be deployed through that programme and available as charters.
Announcing the deals here at the show, Mohammed Al Zeer, president and chief executive of NAS, was joined by Gulfstream president Bryan Moss and Ghazi Abdul-Jawad, president and chief executive of Arab Banking Corp (ABC).
Both deals were made possible with financing from long-time backer ABC, the Middle East's largest bank. The Gulfstream deal also involves guarantees from the Export-Import Bank of the United States.
Putting the finance in place was the key to the deal, says Al Zeer: "This is the latest of several highly structured asset-backed deals the ABC Global Project and Structured Finance Unit has been involved in worldwide. It further demonstrates the confidence the bank has in the development of NAS and its various business lines in Gulfstream aircraft and the growing relationship ABC has with Ex-Im through its New York branch."
Seven
Adds Abdul-Jawad: "It shows how were able to link our Arab base and global network."
NAS already operates four Gulfstream GIV/GIV-SPs. The choice of G300s was because "they meet the needs of the majority of our customers", says Al Zeer. "The range which gives access to Europe along with the cabin size which suits our customers here in the region and the fact that the type rating is the same as the GIV make it ideal for the market."
NAS will buy more G300s "within the next 24 months", he says. With the two additional Hawkers, NAS's fleet will have seven of the type.
Source: Flight Daily News
