Qatar First Bank and Novus Aviation Capital have invested in the global aircraft leasing industry through the indirect acquisition and lease of two 2011 vintage Boeing 737-900ER single-aisle aircraft to Indonesia’s Lion Air.
Commenting on the transaction, Ziad Makkawi, CEO of QFB, said: “We are delighted to have provided our clients, who have shown a strong interest, with this attractive investment. The transaction is in line with our strategy to diversify QFB’s revenue sources. We see opportunities in the aviation industry as it has historically generated relatively predictable returns over the medium to long term, something the market is in search off."
The lease agreement will be managed by Dubai-based Novus Aviation Capital, a specialist in aircraft sourcing, trading, leasing and other related services. With a current portfolio of around US$ 3 billion, Novus Aviation Capital has closed over 400 lease and financing agreements valued at US$ 8 billion and has executed aircraft transactions with over 40 major airline companies.
Safwan Kuzbari, President and CEO of Novus Aviation Capital, said: “We are very pleased to be partnering with Qatar First Bank on another landmark aircraft transaction and look forward to further developing our relationship on other attractive yielding aircraft assets.”
Read the June 2016 issue of Business Review Middle East magazine