Swicorp buys stake in Jordan Aviation

10 September 2008
Swicorp has purchased a strategic stake in the aircraft leasing business Jordan Aviation for an undisclosed sum.

With Middle East aviation booming, the Riyadh-based financial services group has broadened its portfolio of investment with a move into aerospace through Intaj Capital, Swicorp’s $250m private equity arm.

Jordan Aviation is one of the region’s leading aircraft leasing groups, specialising in wet leases, where a plane is hired along with its crew, usually for short periods to cope with a surge in demand, such as the summer holiday season or the Hajj pilgrimage.

Swicorp has been attracted by the Middle East aviation’s expansion despite the pressure imposed on the industry worldwide by high fuel costs.

“In an environment where supply is tight and demand is experiencing steady growth, Jordan Aviation can position itself as a key link in the value chain and take advantage from such an environment,” says Nabil Triki, managing director and head of private equity at Swicorp.

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