Oman Air aircraft deal awarded for transparancy

The financing for the aircraft was arranged by Oman Air through Citibank during September and November 2009.
Jim Smith, editor of Jane’s Transport Finance, said that the award acknowledged innovative and impressive contracts that have been finalised in a transparent and objective manner during 2009. The panel of judges was impressed by the deal between Oman Air and Citibank which was successfully completed against the backdrop of difficult market conditions.
 
“We are very pleased that Oman Air’s ECA Financing deal was rated the best deal of the Year 2009 in the Middle East and are proud to be associated with Citibank on this transaction,” said Peter Hill, Chief Executive Officer of Oman Air. He also added that the support extended by the Government of Oman and the Export Credit Guarantee Department, United Kingdom, were instrumental in effecting the transaction in a timely manner.
 
Commenting on the award, Chief Financial Officer, Japeen Shah said:  “This is a testament to our determined efforts in getting the long-term financing on the most cost effective terms. We are happy to receive this award at a stage when Oman Air is becoming a long haul business and expanding its fleet.” He also praised Citibank’s professional approach throughout the transaction.