Etihad Airways has taken delivery of its first aircraft to be financed by a local UAE bank since 2008.
Abu Dhabi-based First Gulf Bank has provided the finance for two Boeing 777-300ER aircraft, to be delivered to Etihad Airways in 2013, through a Sharia-compliant Ijara Muntahia Bittamleek structure.
The first of these two Boeing aircraft arrived recently at Abu Dhabi airport from Seattle and the second is expected to be delivered to Etihad Airways in May 2013.
The total facility value offered by First Gulf Bank is approximately USD 359 million and it has a financing structure term of 12 years. Within the agreement, First Gulf Bank participates as the Initial Lead Arranger, the Underwriter, the Facility Agent and the Security Trustee.
Etihad Airways issued a request for proposal (RFP) in September 2012 for the financing of nine aircraft scheduled for delivery in 2013. The RFP received a positive response from a large number of international banks, financial institutions and operating lessors.
Source: Etihad Airways