Mubadala Investment Company’s Sanad Group has extended its contract with Asiana Airlines for maintenance, repair, and overhaul (MRO) services for an additional five years, valued at $145 million (Dh532 million). The agreement entails the maintenance of 30% of Asiana Airlines' Airbus A321 aircraft, powered by the V2500 engine, at Sanad's facilities in Abu Dhabi. This renewal follows the initial agreement signed in 2018 between Sanad and Asiana Airlines.
The V2500 engine, manufactured by International Aero Engines, is utilized by a significant portion of the Airbus A320 and A321ceo aircraft globally. Sanad, boasting over 35 years of experience in MRO services, has serviced more than 600 V2500 engines since 2012, establishing itself as the sole V2500 full overhaul MRO center in the Middle East.
Sanad's client portfolio includes over 30 airlines and 10 strategic partners spanning regions such as the Middle East, Europe, Africa, the Americas, and Asia. Mansoor Janahi, managing director and group chief executive of Sanad, emphasized the company's expertise and role in supporting V2500 customers worldwide.
Consulting firm Oliver Wyman predicts a nearly 3% growth in the global MRO sector in 2024, reaching $104 billion, with an average annual expansion of 1.8% until 2034. In the Middle East, this sector is projected to grow at a rate of 2.3% annually, surpassing $15 billion by 2034, driven by increasing order book and MRO facility investments.
Sanad, formed in 2019 through the consolidation of Mubadala's subsidiaries – Sanad Aerotech, Sanad Powertech, and Sanad Capital, offers financing, leasing, and maintenance services to the aerospace, energy, and industrial sectors. Together with Strata, based in Al Ain, Sanad contributes to Abu Dhabi's aspirations of becoming a prominent player in the global aerospace industry.