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17 / 05 / 2007

UIB Concludes a US$150mm Aircraft Purchase Agreement

United International Bank (UIB) and Novus Management (Novus) completed the purchase of four aircraft on lease to various airlines. At the signing ceremony held in Bahrain on 7th May 2007, Mr. Hussain Sarhan, Acting Chief Executive Officer of UIB, commented that UIB and Novus are on the verge of completing another two aircraft acquisition within the coming few months.

” UIB’s vision and plans to expand in this dynamic aviation industry combined with Novus’ in-depth and continuously growing expertise in commercial aircraft trading, leasing, structuring and packaging, over the last 30 years, will create great opportunities in developing attractive new products for the ever hungry Islamic investment market in the future,” said Mr. Safwan Kuzbari, Chief Executive of Novus.

The transaction includes three Airbus A340 leased to Gulf Air and the fourth aircraft is a Boeing 767 leased to Silverjet, a British all business class airline currently commuting between London and New York only.

UIB is an Islamic investment bank established in Bahrain in 2006 by prominent GCC institutions and high net worth individuals. Novus based in Geneva Switzerland is an aviation management consultancy company with over 30 years of experience and US$1.5 billion aircraft portfolio under management.