Al Jaber Aviation (AJA), a leading VIP private jet operator, said it has successfully closed the first deal under a framework of European Export Credit Agency (ECA)-backed financings for its Airbus planes.
AJA is part of the Abu Dhabi-based Al Jaber Group, the largest private sector construction and manufacturing group in the UAE and one of the largest in the Middle East.
The financing is the first ever European ECA-supported deal to a corporate entity for private jets, and the transaction was developed, structured, led and financed by HSBC with the backing of three other ECAs.
These include Germany's ECA, Euler Hermes Kreditversicherungs-AG (Hermes), acting as the lead agency; France's ECA - Compagnie française d'Assurance pour le Commerce extérieur (COFACE) and the United Kingdom's ECA, the Export Credits Guarantee Department (ECGD).
Mohamed Al Jaber, CEO of the Al Jaber Group said, 'The Al Jaber Group is honoured to have received the ECA backing which facilitated the financing from HSBC, and is very pleased with the way in which all parties cooperated and joined together in a most professional and expert manner to complete the transaction.'
According to Al Jaber, the financing package provides for a 10 year tenure with a loan coverage of 80 per cent of the cost of the Green Aircraft plus the outfitting costs.
'The Airbus A318 and A319 jet planes are considered among the best performing and highest quality aircraft in their respective categories', he added.