Article Posted on : - Jan 11, 2010

Airbus A330-200. Airbus Photo.

ABU DHABI (BNS): Waha Capital financed UAE Armed Forces USD 1.8 billion for the procurement of transportation aircraft needed by the force for logistics, airlift and humanitarian aid programmes.

According to a press release by Waha Capital, the closure of the deal was announced by the Company during a press conference in Abu Dhabi, last Wednesday.

Waha Capital has worked closely with both local and international partners to bring the deal to a close, and facilitate the financing of the project.

Nine of the world’s largest and most modern aircraft will be delivered as part of the deal, including, three Airbus A330-200 multi-role and tanker transport aircraft have been acquired for AED 4.4 billion (USD 1.2 billion) as well as six Boeing C-17 A Globemaster III aircraft for AED 2.3 billion (USD 634 million), as reported in the release.

The aircraft are scheduled for delivery over the next three years, with four being handed over in 2011 and the rest in 2012.

"We are very pleased to be able to facilitate the expansion of the humanitarian and aid capabilities of the U.A.E Armed Forces. The financial backing we have received from reputable international financial institutions is testemony to the confidence of the international community in the strength of the U.A.E economy and financial credibility the Abu Dhabi Emirate," said H.E. Hussein Jassim Al Nowais, Chairman of Waha Capital, as per the report.

The deal was closed within a record timeframe, by the Waha Capital and GHQ team, with its UAE national and international experts.