Sanad achieves $1.34bn revenue for 2024, up 40%
Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company (Mubadala), has announced exceptional financial results for 2024, with revenue surpassing the $1-billion milestone for the first time in its history.
The company reported AED4.92 billion ($1.34 billion) in revenue, a 40 percent increase from AED3.4 billion ($925 million) in 2023, underscoring its rapid expansion and strategic market positioning, said a WAM news agency report.
Sanad's exceptional performance was fuelled by unprecedented global demand for engine MRO services, expansion into key global markets, and transformative strategic agreements with leading airlines and global Original Engine Manufacturers (OEM).
Sanad's leasing division witnessed significant achievements, executing five major transactions exceeding AED1.8 billion in combined value, positioning the division to develop its new long-term growth strategy. The company's AED33 billion order book was bolstered by major partnerships with Air Mauritius, Deucalion Aviation, Asiana Airlines, and Lion Air, propelling its contracted business by an additional AED4 billion in 2024, it said.
Additionally, Sanad's global expansion strategy was reinforced by establishing a dedicated sales presence in Singapore, further strengthening its footprint in the high-growth APAC region and enhancing its global sales network.
Amer Siddiqui, Group Chairman of Sanad, stated: 'Sanad's record-breaking performance in 2024 is a testament to our resilient strategy, operational excellence, and long-term investment plans. This achievement reinforces our pivotal role in Abu Dhabi's vision of becoming a global aviation hub which solidifies Sanad's position as a leader in the global aviation market. Our continued growth underscores the strength of our business model and our unwavering commitment to delivering world-class solutions to our partners from our home base in Abu Dhabi.'
Mansoor Janahi, Managing Director and Group CEO of Sanad, said: '2024 was a transformational year for Sanad. Surpassing US$1.34 billion in revenue reflects the strong market demand for our services, our advanced engine MRO and leasing capabilities, and the dedication of our exceptional teams. With strategic expansions, new partnerships, and an unwavering focus on innovation and service-delivery, we are well-positioned to sustain this momentum and drive the future of the aerospace sector in Abu Dhabi.'
Sanad further solidified its position as a leading independent engine MRO service provider, recording 161 engine inductions, a 29 percent increase from 2023. This surge was fueled by soaring demand for Trent 700, V2500, and LEAP engine maintenance. To accommodate this demand, Sanad invested over AED100 million to expand its MRO infrastructure, ensuring state-of-the-art engine repair and maintenance capabilities.
In 2024, Sanad's MRO division processed 54 V2500 engines, 40 Trent 700 engines, 28 GEnx engines, and 21 LEAP engines, performing over 43,000-part inspections and 19,000 in-house repairs. Additionally, Sanad welcomed seven new customers in 2024, bringing its total customer base to over 40, including leading airlines and OEMs worldwide. This expansion of capacity and capabilities, combined with growing global air travel, positions Sanad as a preferred partner for airlines and OEMs worldwide.
Sanad's workforce saw a 20 percent expansion in 2024, with over 130 new hires joining the company. Emiratisation remained a core focus, with UAE nationals now comprising 32 percent of the workforce, a 19 percent increase from 2023.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Trade Arabia
3 days ago
- Trade Arabia
Mubadala, Taqa complete acquisition of 875MW Uzbek power plant
Abu Dhabi sovereign investor Mubadala has announced that it has teamed up with Abu Dhabi National Energy Company (Taqa) for acquiring a gas-fired power generation plant at the Talimarjan Power Complex in Uzbekistan. Mubadala and Taqa each hold a 40% stake in the 875 MW TPP1 combined-cycle gas-fired plant through a newly established project company, Talimarjan Power Plant 1. The 875 MW TPP1 plant has a Power Purchase Agreement (PPA) with JSC 'Uzenergosotish' (UES) (successor power purchaser to National Electric Grid of Uzbekistan (JSC) for 25 years and plays a critical part in meeting demand for electricity in Uzbekistan as the country continues to experience rapid population and economic growth. Both Mubadala and Taqa each have a 40% stake in the Talimarjan Operations & Maintenance (O&M), which was established to operate the plant, while Uzbekistan's 'Talimarjan Issiqlik Elektr Stansiyasi' (TIES) holds the remaining 20% stakes in both the project company and the O&M entity. Hammad Rahman, Head of Asia Pacific Infrastructure at Mubadala, said: "Mubadala is committed to supporting countries across the world to meet their energy needs while reducing carbon emissions. Efficient natural gas-fired powered plants such as TPP1 will play an important part in enabling the transition to cleaner sources of energy." He pointed out that Uzbekistan was recording a significant growth in demand for power, and Mubadala looked forward to working with Taqa and its local partner TIES to ensure communities and businesses across the country have access to reliable, affordable and secure power supply that supports progress and socioeconomic development. Frank Possmeier, Chief Investment Officer, Generation at Taqa, said: "We are pleased to collaborate with Mubadala and TIES in acquiring this vital asset that plays a crucial role in Uzbekistan's journey towards a privatised energy sector." This transaction supports investments into the privatisation of Uzbekistan's power sector. It follows a strategic partnership between the governments of Uzbekistan and the UAE whereby Mubadala and Taqa will bring their global power sector expertise to the local power market in Uzbekistan. "As a low carbon power and water champion, Taqa will leverage its extensive experience and expertise to help Uzbekistan meet its growing energy needs while continuing to invest in this critical sector," he stated. "Our stake in TPP1 demonstrates progress in delivering on our 2030 targets which aim to grow our power generation capacity to 150 GW and strengthens our operation and maintenance capabilities which is also a pivotal element of our strategy. We are committed to enhancing efficiency and ensuring TPP1 runs as a world-class power plant as part of our expanding portfolio as we continue to provide power to the communities we serve," he added.
Trade Arabia
3 days ago
- Trade Arabia
Abu Dhabi's data centre industry power investments to hit $10bn
Abu Dhabi National Energy Company (Taqa) is poised to significantly bolster Abu Dhabi's burgeoning data and artificial intelligence hub, with its CEO and Managing Director announcing that total investments to support the power needs of the data centre industry in the emirate will exceed AED37 billion. This announcement aligns with Taqa's broader strategy to provide clean, certified, and reliable energy for critical infrastructure. Speaking to the Wam on the sidelines of the World Utilities Congress 2025, Taqa Group CEO and Managing Director Jasim Husain Thabet hlighted the company's robust growth and strategic acquisitions. With a market capitalisation estimated at approximately AED360 billion, TAQA stands among the top five companies in Europe, Africa, and the Middle East for electricity generation, transmission, and water desalination, operating across 25 countries. Over the past four years, TAQA has impressively doubled its electricity production capacity to 56 gigawatts, surpassing the total electricity consumption of the United Kingdom. Recent strategic moves include the acquisition of an 875-megawatt gas-powered electricity station in Uzbekistan, in partnership with Mubadala, supporting Uzbekistan's energy transition and opening new Central Asian markets. Additionally, TAQA's acquisition of "Transmission Investment", a leading UK-based energy and utility investment platform. Further enhancing its clean energy portfolio, TAQA is currently constructing a 1-gigawatt gas turbine power station. In collaboration with Masdar, where TAQA holds a major stake, the company is also developing 5 gigawatts of solar energy backed by 19 gigawatt-hours of battery storage. This integrated solar and battery system, designed to deliver a continuous supply of 1 gigawatt for 24 hours, will be the largest project of its kind globally. Taqa aims to invest AED75 billion by 2030 to triple its electricity generation capacity to 150 gigawatts, he said.
Trade Arabia
20-05-2025
- Trade Arabia
Sanad, Etihad enter key Trent 700 engine deal
Sanad, the global aerospace engineering and leasing solutions leader wholly owned by Abu Dhabi's sovereign investor Mubadala Investment Company, has announced the acquisition of Rolls Royce Trent 700 engines from Etihad Airways, the national airline of the UAE. The agreement was signed by Kashish Kohli, Group Chief Financial Officer of Sanad, and Captain Majed Al Marzouqi, Interim Chief Operations and Guest Officer, during the third edition of the Make it in the Emirates Forum, underscoring both companies' alignment with the UAE's national industrial strategy and long-term vision for localised aerospace capabilities, a statement said. This strategic acquisition marks a major milestone in Sanad's efforts to expand its global engine asset management and MRO capabilities. It also reinforces the UAE's ambition to establish a globally competitive aviation supply chain ecosystem. By acquiring these engines, Sanad expands its ability to support airlines worldwide with cost-effective spare parts and flexible leasing solutions, enhancing turnaround times, reducing maintenance costs, and boosting operational efficiency across its global customer base, it said. The deal comes at a pivotal moment for the aviation industry. As operators continue to prioritise efficiency and fleet longevity amid persistent supply chain disruptions and delays in new aircraft deliveries, platforms like the Rolls-Royce Trent 700 remain in high demand. Specifically designed for the Airbus A330, the Trent 700 has achieved a 60% market share, over 2,000 units delivered to date, and more than 60 million flight hours logged. Its proven efficiency and reliability make it a key platform for Sanad to deliver sustainable lifecycle solutions and long-term value to operators worldwide, it said. Mansoor Janahi, Managing Director and Group CEO, highlighted the significance of the transaction, saying: 'This acquisition represents a strategic step forward in our two-decade partnership with Etihad, enabling us to expand our capabilities and meet the evolving needs of the regional and global aviation markets. As the only independent MRO provider in the world with a long-term strategic partnership with Rolls-Royce for the Trent 700, Sanad currently services 25% of the global Trent 700 fleet. "This acquisition not only deepens that capability, it reinforces Abu Dhabi's role as a global center for aerospace innovation and sustainable industrial growth. Our partnership with Etihad Airways continues to drive tangible value, demonstrating how collaboration between UAE national champions.' Antonoaldo Neves, Etihad Airways Chief Executive Officer, commented: 'This is a mutually beneficial agreement that reflects our commitment to optimising our fleet as we phased out the A330ceo. It supports a trusted UAE partner and contributes to the growth of the local aerospace sector.' Beyond meeting immediate market demand, this acquisition plays a critical role in advancing the UAE's national strategy to localise aerospace capabilities, accelerate sustainable economic growth, and position Abu Dhabi as a leading global aviation supply chain hub. By expanding its service portfolio, Sanad is driving international investment, cultivating local talent, and delivering world-class MRO and leasing solutions from Abu Dhabi to the global aviation market. Central to this growth story is Sanad's longstanding partnership with Etihad Airways. Spanning nearly two decades, the collaboration covers engine leasing, MRO services, and asset financing. Sanad has performed MRO services on more than 400 Etihad engines, including V2500, Trent 700, and GEnx models, cementing its role as the largest independent engine MRO provider in the MENA region.
