Waha Capital completes financing of $1.8 billion transportation aircraft for U.A.E Armed Forces

Waha Capital (PJSC) today announced the closure of an AED 6.7 billion (USD 1.8 billion) military deal, to facilitate the U.A.E Armed Forces' logistics, airlift and humanitarian aid programs through the purchase of transportation aircraft. This was announced during a press conference in Abu Dhabi, which was attended by Hussein Jassim Al Nowais, Chairman of Waha Capital and a number of company executives. Waha Capital has worked closely with both local and international partners to bring the deal to a close, and facilitate the financing of the project. Nine of the world’s largest and most modern aircraft will be delivered as part of the deal, including, three Airbus A330-200 multi-role and tanker transport aircraft have been acquired for AED 4.4 billion (USD 1.2 billion) as well as six Boeing C-17 A Globemaster III aircraft for AED 2.3 billion (USD 634 million). The aircraft are scheduled for delivery over the next three years, with four being handed over in 2011 and the rest in 2012. The deal, which is the largest in the company’s history, has been financed by leading international financial institutions. H.E. Hussein Jassim Al Nowais, Chairman of Waha Capital, commented, "We are very pleased to be able to facilitate the expansion of the humanitarian and aid capabilities of the U.A.E Armed Forces. The financial backing we have received from reputable international financial institutions, is testimony to the confidence of the international community in the strength of the U.A.E economy and financial credibility the Abu Dhabi Emirate". Closing a deal of this size in the current financial circumstances is a challenge that we have met with strength, and it clearly reflects the company’s investment strategy, which follows the direction of HH. Sheikh Khalifa Bin Zayed Al Nahyan, President of the U.A.E and HH. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and is based on diversification of the national economic resources. The deal was closed within a record timeframe, by the Waha Capital and GHQ team, with its UAE national and international experts that have a solid track record of local and global milestone achievements.