Abu Dhabi strategic firm Mubadala Investment Company, through two wholly-owned units, and Ethiopian Airlines signed an agreement for maintenance services and financial solutions to support the African carrier's fleet.
Turbine Services and Solutions signed a memorandum of understanding to collaborate with the airline on setting up auxiliary power unit capabilities and an engine on-wing care center, TS&S said in a statement on Monday. Sanad Aero Solutions will explore financing and leasing opportunities with the carrier as part of the agreement.
"Our agreement with Ethiopian Airlines marks a significant milestone for TS&S as we continue to extend our global partnerships with some of the world’s most promising international carriers," Mansoor Janahi, acting chief executive officer at TS&S, said. "The collaboration builds on our strategy to grow our capabilities and maintain our competitiveness in the global maintenance, repair and overhaul industry.”
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Read more:
[ Ethiopian Airlines agrees to buy Boeing 777 freighters in $1.3 billion deal, mulls mid-sized aircraft ]
[ Mubadala signs contracts for manufacturing, maintenance with Boeing and DAE ]
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TS&S, an MRO provider for gas turbines and driven equipment, is a unit of Mubadala comprised of aerospace and industrial businesses. TS&S Aerospace provides MRO services for a variety of aircraft engines on Airbus A330 and A320 jets and Boeing 787 and 777.
"Ethiopian stands to benefit from this agreement by boosting its diverse repair, maintenance and overhaul capabilities through innovative technologies," Tewolde Gebremariam, Group Chief Executive Officer of Ethiopian Airlines, said.
Ethiopian Airlines is Africa's biggest carrier.
"The agreement will also facilitate an additional financing and leasing option for our growing MRO services, creating a win-win situation for all parties involved as they partner with the leading MRO service provider on the African continent," Mr Gebremariam said.
Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
The bio
Job: Coder, website designer and chief executive, Trinet solutions
School: Year 8 pupil at Elite English School in Abu Hail, Deira
Role Models: Mark Zuckerberg and Elon Musk
Dream City: San Francisco
Hometown: Dubai
City of birth: Thiruvilla, Kerala
A QUIET PLACE
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Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
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SPECS: Polestar 3
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Transmission: Single-speed automatic
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Investment stage: Pre-seed round
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