German bank wins mandate for aircraft parts project
Abu Dhabi investment fund Mubadala Development Company has awarded an advisory mandate for the development of the Strata project to Germany’s Deutsche Bank.
Strata will manufacture aircraft parts in partnership with European aerospace firms Airbus, EADS, FACC and Alenia Aeronautica.
Mubadala has yet to clarify how much the development of the project will cost.
The project will cover about 21,600 square metres and will produce parts for the Airbus A330 and A340. Strata will be based in Al-Ain and come on stream in late 2010. Later expansion could involve the site being expanded to cover 60,000 square metres.
Mubadala began approaching potential advisers in mid-2009, and made the award to Deutsche Bank in late November.
Strata has already agreed contracts with several European aerospace firms for supply deals worth some $2bn.