Story ID: 634 Sanad.doc
Sanad Crosses $1 Billion Assets Mark
By: Peter Shaw-Smith
Caption: New GEnx and GP7200 Engines Add to Offering
Word Count: 284
Sanad, the spares leasing arm of Mubadala Development Corporation, has reached the $1 billion mark in assets, and done so ahead of schedule, CEO Trowy Lambeth told AIN just before this week’s Dubai Airshow. “We crossed $1 billion in assets within the portfolio this year, which was a big milestone for us. It happened within six years of our launch,” Lambeth said.

Sanad is making headway with the growth of its engines business. It now has GEnx and GP7200 engines in its spare-engine portfolio, in addition to its existing portfolio of CFM56, GE90 and Trent 500 spare engines, he said.

The Mubadala partnership is studying various new opportunities. “Sanad’s mandate was expanded to allow us to engage in integrated [checks], including spares support integrated with related MRO services, but also to engage in stand-alone spares support which enables us to serve our customers across a broader financing scope,” Lambeth said.

Regarding new market trends, he said Sanad continues to see a strong appetite for spares financing in the market, as well as a wider presence among OEMs in aftermarket services, particularly from airframe and component OEMs. He said engine OEMs had had a long presence in the aftermarket space in the region.

“While those are competitive, we see tremendous partnership opportunities where we can leverage collective strengths to better serve customers,” he said. “We continue to see the market shifting more toward third-party support for both spares and MRO services. That is a trend that we see continuing and expanding–that is clearly seen on entry-into-service aircraft: 787s and 350s are great examples. We believe we remain well positioned to support that trend,” asserted Lambeth.