? Saudi investors of Abraaj Capital, led by Sheikh Abdulrahman Ali Al-Turki, announced on Tuesday the sale of their 30 percent stake in National Air Services (NAS) to Kingdom Holding Company (KHC), a company founded by Prince Alwaleed Bin Talal, generating a 52-percent internal rate of return (IRR) over a two-year holding period. The implied valuation of NAS increased by four times over this period, providing an excellent return to the Abraaj Saudi investors. Founded in 1999 in Riyadh, NAS today is a leading provider of aviation services in the Middle East. The company's diverse portfolio of products and services includes Nas Air, the Kingdom's first low-cost carrier; NetJets Middle East, which provides fractional aircraft ownership and leasing; Al-Khayala Airlines, an all-business-class carrier serving Jeddah, Riyadh and Dubai; Aircraft Management Services, Aircraft Charter Services and other aviation solutions. Over the past two years, the active strategic involvement of Abraaj Capital allowed NAS to expand its reach and range of services substantially. In December 2006, NAS became the first private company to receive a Saudi Arabian government license to provide commercial aviation services from Riyadh. Last year, the company launched Nas Air, which was introduced with a fleet of five aircraft and is expected to increase to 18 aircraft by 2010. Nas Air currently serves 20 domestic routes with 241 flights per week. __
