IBDAR Bank, the Bahrain-based Islamic wholesale investment bank, together with Dubai-based Palma Holding received the African Aviation Awards' “Aircraft Finance Deal of the Year” for their successful structuring of a 12-year agreement for acquiring four brand new Bombardier Q400 Next Gen aircraft and leasing them to the Ethiopian Airlines. The bank competed with other institutions from all over the world, and was voted the winner by an independent panel of international and regional judges designated by the Africa Aviation Magazine, a specialized institution in aviation business events and media. The African Aviation Awards were introduced by African Aviation Magazine in 1999 in order to give International recognition to those individuals, companies and organizations who have made significant contributions to Aviation Development in Africa. It recognized efforts and professionalism of leading firms, highlighting excellence in performance, service, management, personnel, and operations serving the African aviation industry. “We are very proud and happy to recognize the achievements of Ibdar Bank with such important award. The Bank has been quite active in aviation financing during 2014 and in cooperation with Palma Holding, we issued quite an important volume in this direction,” said Basel Al-Hag-Issa, CEO of Ibdar Bank. Valued at $100 million, Ibdar Bank contributed as investor with $22 million, while an amount of $78 million was secured through a funding agreement with Canada's Export Credit Agency, the export finance agency of Canada. The aircraft, equipped with two engines each, have been delivered over a period of three months, with the first aircraft delivered on 19 June 2014 and the last aircraft was delivered on 29 August 2014. “This is a good example of how a bank can support companies and industries and bring benefits to the whole sector. This is a win-win deal for Ibdar Bank, for the companies involved and for the region," Al-Hag-Issa said. “This opportunity was created at a time when Ethiopian Airlines is embarking on an ambitious fleet expansion program amidst strong growth in African air travel,” said Al-Hag-Issa, adding that the aviation industry in Africa and the MENA markets continue to report some of the strongest growth rates of any region. Ibdar Bank is active in private equity in the GCC and MENA markets, in regional and global real estate and has extensive experience in sectors including infrastructure, oil & gas, maritime and retail, among others. In addition to financing and leasing in the aviation sector, Ibdar is focused on originating new and innovative transactions that allow the Bank and its partners to excel. We have a strong pipeline of opportunities in other sectors where equally we intend to build on growth in consumer patterns across our markets of focus and in industries where we have the experience and knowledge to deliver solid returns. — SG
