FAS specialises in air taxi and tourism services, as well as supporting the offshore oil and gas industries and providing air ambulances.

The deal was arranged through Abu Dhabi National Leasing (ADNL), a subsidiary of NBAD. It brings NBAD’s exposure to the transport sector to around AED6bn.

Activity in regional bond markets has begun to slow as bankers say dirham liquidity has been stretched by the sudden glut of deals over the past few months. However, loan markets are still seeing some activity, as the FAS deal demonstrates.