Dubai aircraft finance specialist joins deal
Qatar First Bank (QFB) and Dubais Novus Aviation Capital have indirectly acquired two aircraft.
The two 2011 Boeing 737-900ERs will be leased to Indonesias Lion Air.
The lease agreement will be managed by aviation finance specialist Novus, which has a $3bn portfolio of aircraft lease and financing agreements.
Novus was sole arranger for the financing and leasing elements, with QFB involved in the Islamic financing part of the transaction.
QFB, a shariah-compliant investment bank, listed on the Qatar Stock Exchange (QSE) in April 2016.
Our focus since the listing of the banks shares on the QSE was on generating steady income and offering shariah compliant structured products, said Ziad Makkawi, CEO of QFB in a press release. This attractive investment fulfils these objectives as the aviation industry has maintained a stable and sustainable growth path in comparison with alternative investment benchmarks.
QFB is also seeking to bring more partners into its transactions as co-investors.
UK-based Investec concluded a $1bn leasing deal for four Airbus A380s with Dubais Emirates airline in May.