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03-12-14

Dubai's Novus Aviation portfolio to hit USD2b in 2014

(MENAFN) Novus Aviation Capital, the Dubai-based aircraft leasing company, said that it has registered an increase in its business, after the company was involved in more than 400 aircraft transactions and closed deals with a combined value in excess of USD8 billion, with expectations that its portfolio will exceed USD2 billion by the end 2014, Khaleej Times reported.

Novus Aviation said that this year it has signed deals with Emirates, British Airways, Malaysia Airlines and Finland's Finnair, with these deals including three A380s, two A340, two A330 and one B777.

"We currently have six aircraft transactions in place with Emirates. Three of which are Sale and Lease Back for B777s and the other three are A380 financing transactions. Discussions are ongoing with Emirates for additional deals in the near future," Novus Aviation Capital President said.

The company said that in regards to the aviation sector in the UAE that it expects that the UAE airlines may require around USD250 billion in financing in the next 20 years, while the total size of world aircraft financing is estimated to reach USD112 billion in 2014 for all aircraft manufacturers.

Meanwhile, the Middle East market is expected to account for more than 2.000 new aircraft deliveries and require more than USD500 billion in financing up to 2033, with the UAE's fast growing four airline, Emirates, Etihad Airways, flydubai, and Air Arabia, expected to take up to 50 per cent of the region's allocation of financing and deliveries.

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