Abu Dhabi-based Mubadala Investment Company has merged three of its aerospace and industrial companies to create a new industrial champion designed to foster the company’s long-term growth in the global aerospace and industrial services sectors, according to local newswire, WAM.
Mubadala said that Sanad Aerotech, an aircraft engine MRO (maintenance, repair and operations) business will be merged with industrial and energy MRO Sanad Powertech as well as with aero leasing and asset finance business Sanad Capital.
Badr Al Olama, the Head of Mubadala Aerospace, said, “Sanad will spearhead Mubadala’s strategic investments in key technologies and capabilities to enhance and strengthen its global positioning.”
Sanad Aerotech signed a landmark agreement with General Electric Aviation (GE) to provide maintenance services to GE for the next-generation of narrow body and wide body aircraft.
Under this agreement, the Abu Dhabi based company will provide performance restoration overhaul services on the GEnx-1B engine as well as continued time, or quick turn overhauls on CFM International’s LEAP engines for GE.
The deal will allow Sanad to expand its existing maintenance and repair services to include full overhaul on 315 GEnx engines until 2035 and quick turn on 237 LEAP engines until 2030 at its Abu Dhabi shop.
Other turbine types maintained are GE’s GEnx, which powers Boeing’s 787 Dreamliner and the International Aero Engines V2500 used on Airbus A320-series jets.
Currently, Sanad is now servicing 75 Trent 700 engines, which are used to power Airbus A330 jets, up from the 22.