Kuwait, 24 May 2009
Largest narrow-body lessor in the Middle East by 2012 USD 375 million in capital, NBK Capital and DVB Bank take-up strategic equity stakes
Jazeera Airways, NBK Capital, and DVB Bank today jointly announced at the Euromoney Airfinance Conference the establishment of an aircraft leasing company to be capitalized at USD 375 million and based out of Kuwait.
The new company is called 'Sahaab Aircraft Leasing (Sahaab Leasing)', the promoters of Jazeera Airways hold strategic interest in the company and both NBK Capital and DVB bank as well.
Sahaab Leasing will provide both narrow and wide bodied commercial jet aircraft on operational leases to airlines in the Middle East and emerging markets initially and eventually worldwide. It will acquire aircraft by direct purchase from aircraft manufacturers such as Airbus and Boeing, focusing on building a portfolio of brand new aircraft.
Sahaab founder and Jazeera Airways Chairman and CEO Marwan Boodai said "Our vision for Sahaab is to be the largest narrow-body aircraft lessor in the Middle East by 2012, and one of the top 5 global players in aircraft leasing by the year 2020. We aim to achieve our vision through a phased growth approach while leveraging Sahaab Leasing founders' financial and industry strengths and outsourcing technical and administrative functions so that Sahaab Leasing's management can focus on aircraft and customer acquisitions".
He added, "The first stage will focus on acquiring new aircraft from airlines and we see Gulf carriers being our primary focus. We will launch Sahaab Leasing with Jazeera Airways as an initial customer in the Gulf, and we are targeting an initial aircraft portfolio of 40 to 50 aircraft with estimated value of USD 3 billion by the second half of 2009. "The second stage will focus on extending the reach to North Africa,India, Europe and the rest of the world".
The word 'Sahab' is the phonetic transcription of the Arabic word that describes the inspiring sight of a series of cirrocumulus clouds that appear at altitudes close to 40,000 ft.
