Union National Bank finances $116.8 million Royal Jet BBJ purchase
Union National Bank has financed two new Boeing BBJ aircraft for Royal Jet, the UAE operator.
Royal Jet will take delivery of the aircraft in September and December 2015. The $116.8 million deal was signed in early June at the bank’s Abu Dhabi headquarters.
“This is our blueprint finance for Royal Jet”
“This is our first blueprint finance for Royal Jet and we look forward to many more deals to follow,” said Ayman Adel Kama, executive vice president at UNB.
Clyde & Co advised UNB on the financing.
Royal Jet, based at Abu Dhabi Airport, has a fleet of six Boeing BBJs making it the largest operator of the type in the world. It also operates two Gulfstream G300s, two LearJet 60XRs and one Bombardier Global 5000.
“We are pleased to be working with UNB as we remain on schedule with our fleet replacement and expansion programme that will increase Royal Jet’s fleet to 20 aircraft by the year 2020,” said captain Patrick Gordon, acting president and CEO of Royal Jet. “Our fleet expansion is central to our long-term strategic plan that will allow us to expand our network to meet the growing demand and provide our guests with a superior offering and increased capacity.”
Royal Jet announced that they plan to operate 20 aircraft by 2020 at the 2014 Middle East Business Aviation (MEBA) show in Dubai in December 2014.
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