RIYADH: National Air Services (NAS) announced yesterday the successful close of a $60.5 million seven-year loan facility from Arab Banking Corporation (ABC). The facility is supported by a guarantee from the Export-Import Bank of the United States.
The facility is to finance the NAS delivery payments for the purchase of six Hawker 750 model aircraft from US-based Hawker Beechcraft Corp. Based upon the above facility, NAS is in position to sell fractional ownership under its NetJets Middle East Program and whole aircraft under its Aircraft Management Services on Hawker 750 aircraft while providing relaxed payment terms that extend to seven years at attractive rates.
NAS has received additional three H750 aircraft in 2009 supported by this facility. NAS is the largest private operator of business jets in the Middle East and the leading provider of VVIP and executive air transport services in the region. NAS has a very successful relationship with the US Ex-Im and ABC and in 2007 NAS has obtained financing of $79.5 million for financing of three Gulfstream G-450 aircraft and is planning to approach the US Ex-Im again for financing of further three Gulfstream G-450 in the very near future.