Ex-Embraer managers launch Veling Tayara
Ernest Edwards and Colin Steven return to head up a new executive aircraft leasing company, Veling Tayara.
Having left senior management positions at Embraer Executive Jets, Ernest Edwards and Colin Steven have returned to business aviation with the launch of Veling Tayara, an aircraft leasing company that will specialise in taking a new approach towards funding business aircraft and aviation assets.
Veling Tayara is based in Dubai, UAE with Edwards as its chairman and Steven as managing director. It is a subsidiary of Veling Limited, a commercial aircraft leasing company, one of the top 50 leasing companies in the world.
The company was launched during the EBACE 2014 show in Geneva. It will target high-net-worth individuals and businesses, where acquiring business aircraft is not their core business activity.
Colin Steven, managing director of Veling Tayara said: “When you look at what has happened in the commercial market with over 95% of airlines leasing, it makes sense to their bottom line as an “off balance sheet” asset whilst having full use of the asset. It also makes no sense in our industry to spend $50m on a depreciating asset or ownership when that capital can be used in the clients own business to strengthen their business etc.”
“We have defined our area of working which is to be in the “high or top end” of the market, i.e. Gulfstream’s, Globals, Dassault and moving down to the Super Mid Size range of the Challenger 350. Thereafter it would be a case by case basis so we don’t dilute ourselves too quickly and focus on the right products and regions,” added Steven. “Being based in Dubai gives us easy access to Middle East, Europe including Russia, Far East and Africa. With Ernie in the USA he is easily reachable for that market so we are well covered at the moment.”
Edwards and Steven have over 50 years of business aviation experience between them, having worked for a number business jet manufacturers.