Swicorp Makes Strategic Investment in Jordan Aviation.
Summary: Al Riyadh, Kingdom of Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , 09 September, 2008 - Swicorp, the diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services firm operating through extensive offices in the Middle East and North Africa, today announced it has extended its private equity portfolio of investments to aviation, by purchasing a strategic stake in Jordan Aviation Jordan Aviation is an airline based in Amman, Jordan. It operates scheduled and worldwide charter services flights, mainly to the Middle East, Europe and North Africa. It also provides wet lease services to major airlines seeking additional capacity. ("JATE JATE Jack and Kate (TV show Lost)
JATE Joint Air Transport Establishment (UK)
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MENA Middle East News Agency (Arabic Wikalat Al-Anbaa' Al-Sharq Al-'awsat)
MENA Medium-Energy Neutral Atom
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MENA Mission Element Need Analysis region.
Swicorp Makes Strategic Investment in Jordan Aviation
Swicorp's investment bolsters leading Jordanian aircraft leasing and operating firm
Al Riyadh, Kingdom of Saudi Arabia, 09 September, 2008 - Swicorp, the diversified financial services firm operating through extensive offices in the Middle East and North Africa, today announced it has extended its private equity portfolio of investments to aviation, by purchasing a strategic stake in Jordan Aviation ("JATE"), the leading aviation leasing company in the Middle East for an undisclosed sum. The purchase was made through Intaj Capital, Swicorp's US$250 million private equity vehicle which focuses on sectors driven by growth in consumer demand within the MENA region.
JATE, the leading aircraft wet leasing company in the Middle East, is the first privately owned airline awarded a Jordanian Air Operating Certificate Operating certificate is a category of license issued by a government agency allowing an individual or company to provide a controlled type of service. These certificates are generally issued for a limited time period. and is one of the youngest airlines to have completed the IATA IATA
International Air Transport Association, which sets the rules for air transport, including those concerning air transport of animals. Operational Safety Audit (IOSA IOSA Iata Operational Safety Audit
IOSA Islands' Oil Spill Association (San Juan County, WA)
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IOSA International Organizational Studies Association ) in 2006, joining the World's leading airlines in their commitment to global safety and security management in aviation. JATE provides wet leasing services to regional and international clients, which consist in providing fully operational airplanes, including crews and maintenance.. "The Middle East aviation market continues to be the fastest growing and most attractive market globally. In an environment where supply is tight and demand is experiencing steady growth, Jordan Aviation can position itself as a key link in the value chain and take advantage from such environment," said Nabil Triki, Managing Director & Head of Private Equity, Swicorp. "Our investment in Jordan Aviation will provide the company with the financial resources and strategic support required to drive further growth in the coming years". Mr. Mohamed Khashman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , JATE said, "Over the past 10 years, we have successfully built a platform which is in a position today to develop into a world-class aviation leasing company. We are pleased to have selected Swicorp as our partner as we look to take the company to the next level". Mr. Khashman added, "JATE has an excellent track record of growth and a strong commitment to customers and employees, which is consistent with Swicorp's values; this transaction is a compelling next step forward in JATE's evolution. Our strategic focus will continue to be providing our customers with superior levels of service and quality". 2008 Al Bawaba (www.albawaba.com)
2008 Al Bawaba (Albawaba.com)
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