Mubadala launches financing venture for aeropsace industry

Mubadala Development Co, Abu Dhabi's government-owned investment and project development company, has released a statement saying it has formed a financing venture for the aerospace industry and won two contracts worth a combined $130m. The venture, Sanad Aero Solutions, signed a $100m 10-year contract for 12 spare engines with German carrier Air Berlin that also includes maintenance, Mubadala said. Sanad is also providing more than $30m of component financing over 10 years for the Airbus fleet of Etihad Airways.