Aabar to make another aerospace acquisition after XOJET investment

The company announced that is to invest US$20 million in shares of US VIP charter company XOJET which has been eyeing opportunities in the region. Aabar says it is likely to be making another aerospace acquisition within the next two weeks.

Aabar and XOJET Inc. are intending to join together to create a UAE based joint venture company that will enable XOJET to bring its business model to MENA region with a likely base at Al Bateen.

Back in October at NBAA, the American company announced financing totalling US$470 Million which included significant funding from an Abu Dhabi company named as OCL. CEO David Siegel said XOJET will use the additional capital to expand its operations to meet the growing demand for quality business aviation services and low risk, high quality, cost efficient alternatives to fractional ownership.

“This latest round of financing is evidence of the growing confidence in XOJET’s operating model,” Siegel said. “We uniquely offer what customers now demand and other operators simply cannot provide – a low risk, high quality, cost efficient alternative to fractional ownership without ever compromising on service quality or safety.”

XOJET flies the Cessna Citation and Bombardier Challenger 300 jets and had long been expected to open its first base in the Middle East out of Al Bateen Executive Airport.