Waha Capital buys 50% stake in AerVenture

AerCapital has committed an investment of $135 million in the new joint venture.

The joint venture agreement will clear the way of Waha’s entry in the global aircraft leasing market. Completion of the transaction is scheduled before the end of June 2009.

AerCap which has 5% stake in the MENA region’s aviation leasing market said, there is a good market for brand new aircraft and that the financial crisis has impacted only the lease rentals of older aircraft by 50%.

“With Waha as a joint venture partner, AerVenture’s position is even stronger than in the past,” said AerCap’s chief Klaus Heinemann.

Salem Rashid Al Noaimi, Chief Executive Officer of Waha Capital said with Etihad Airways’ ambitious plans to expand its fleet to 150 aircraft; the new firm will certainly look into the emerging business opportunities. Meanwhile AerVenture purchased an Airbus A320 from Waha, while AerCap’s subsidiary AeroTurbine purchased four older A320 family aircraft.

Al Noaimi said that Waha Capital owned or has provided finance for 47 aircraft with a market value of $1.8 billion.

AerCap is involved in aircraft and engine leasing, trading and parts sales. The company has a portfolio of 295 aircraft and 78 engines that are either owned, on order, under contract or letter of intent, or managed.

Headquartered in The Netherlands, it also provides aircraft management services and performs aircraft maintenance, repair and overhaul services and aircraft disassemblies.