Strata, a subsidiary of Abu Dhabi government-controlled Mubadala Development Company, is delaying plans to raise funding for the development of its aircraft parts manufacturing facility.
Germany’s Deutchse Bank was appointed as financial adviser to the project in late 2009, Mubadala has now decided that development of the project will happen first and fundraising could occur at a later stage.
The plant will manufacture aircraft parts in partnership with European aerospace firms EADS, FACC and Alenia Aeronautica.
“Strata will now be financed directly, although they have left open the option for raising money later on,”says a source close to Mubadala.
Strata is based in Al-Ain. Its development cost is unclear, but the source says debt raised for the scheme is likely to below $200m.