Mubadala Aero­space to cre­ate a ‘new in­dus­trial cham­pion’

The National - News - - BUSINESS -

Mubadala In­vest­ment Com­pany, Abu Dhabi’s strategic in­vest­ment arm, has merged three of its aero­space and in­dus­trial com­pa­nies with a view to cre­ate “a new in­dus­trial cham­pion”.

Mubadala Aero­space said Sanad Aerotech, an air­craft en­gine MRO (main­te­nance, re­pair and op­er­a­tions) busi­ness, will be merged with in­dus­trial and en­ergy MRO Sanad Pow­ertech and with aero leas­ing and as­set fi­nance busi­ness Sanad Cap­i­tal.

The new en­tity will sim­ply be known as Sanad, de­rived from the Ara­bic word for “sup­port”.

“Sanad will spear­head Mubadala’s strategic in­vest­ments in key tech­nolo­gies and ca­pa­bil­i­ties to en­hance and strengthen its global po­si­tion­ing. As a trusted part­ner pro­vid­ing holis­tic ser­vices in aviation and in­dus­trial MRO, en­gine fi­nanc­ing and leas­ing, Sanad will play a key role in pro­mot­ing Abu Dhabi as a global aero­space hub,” said Badr Al Olama, head of Mubadala Aero­space.

Sanad will be among a port­fo­lio of busi­nesses within Mubadala Aero­space, which in­cludes air­craft parts maker Strata Man­u­fac­tur­ing, satel­lite com­mu­ni­ca­tions com­pany Al Yah Satel­lite Com­mu­ni­ca­tions and the com­pany’s in­vest­ments in Vir­gin Galac­tic and Vir­gin Or­bit. Aero­space is one of the key sec­tors within Mubadala’s $229 bil­lion (Dh841.16bn) port­fo­lio, which also in­cludes in­vest­ments in re­new­able en­ergy, oil and gas, petro­chem­i­cals, health care, real es­tate, semi­con­duc­tors and a range of other in­dus­tries in­clud­ing fi­nan­cial hold­ings across all as­set classes.

“We will in­vest, em­ploy and de­ploy Fourth In­dus­trial Rev­o­lu­tion tech­nolo­gies to trans­form our global of­fer­ing to cus­tomers,” Mr Al Olama said about the cre­ation of Sanad. “Con­sol­i­dat­ing our busi­nesses is piv­otal to our vi­sion, as we look to un­lock syn­er­gies across the en­tire aviation value-chain.”

Ac­cord­ing to its web­site, Sanad is look­ing to in­crease its de­liv­er­ies of air­craft to 40,000 by 2040, up from the 26,000 ex­pected next year.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.