Mubadala, the Abu Dhabi-based investment and development company, and Etihad Airways, the national airline of the United Arab Emirates, has signed a Memorandum of Understanding that will allow the companies to build on their long-term strategic partnership by further exploring areas of cooperation.
The agreement was signed at the Dubai Airshow by Homaid Al Shemmari, Chief Executive Officer, Aerospace and Engineering Services, Mubadala and James Hogan, President and Chief Executive Officer, Etihad Airways, and covers a range of new contracts with a potential value of US$1 billion over a 10-year period.
Under the terms of the Memorandum of Understanding, Etihad Airways will appoint Mubadala’s SR Technics, one of the world's leading providers of aircraft, component, engine and technical services, as its preferred service provider on commercially competitive terms.
In addition, Mubadala and Etihad Airways are exploring the feasibility of the establishment of a best-in-class narrow body Maintenance, Repair, and Overhaul (MRO) Facility in Eastern Europe, with discussions already progressing with concerned parties.
James Hogan, Etihad Airways’ President and Chief Executive Officer, said: “The strong partnership between Etihad Airways and Mubadala is a key strategic driver in the development of Abu Dhabi as a global aviation hub. Building on the success of our collaboration to date will give us the scale to expand the range of services we jointly offer, and help keep our respective organisations at the forefront of the global aviation and aerospace industries.”
Homaid Al Shemmari, Chief Executive Officer, Aerospace and Engineering Services, Mubadala, added: “We are delighted to sign this mutually beneficial strategic agreement that will deepen our partnership with Etihad and continue our mission to support Abu Dhabi, and Abu Dhabi companies, to become global aerospace leaders.”