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United International Bank (UIB), International Leasing and Investment Company (ILIC) and Novus Aviation have invited select GCC investors to participate in the flourishing Falak Aviation Investments leasing venture following the success of its first year of operation.
The invitation was communicated at a luncheon at the Sheraton Hotel Bahrain. Falak's road show was held in Dubai on April 22, Kuwait on April 23 and Qatar last Thursday.
UIB is a Bahrain-based investment bank with an authorised share capital of $2.5 billion and a paid-up capital of $291 million. The bank started operations in the fourth quarter of 2006 and provides investment banking products and services in strict adherence to Islamic rules and principles.
Established in 2007 as a joint venture between UIB and Muzun Partner Ltd (a company related to Novus Aviation), Falak is co-sponsored by ILIC and backed by several GCC financial institutions including First Leasing Bank.
Falak is targeting a total fund size of $150 million. Falak's current portfolio comprises of 11 aircraft with a capital of $120 million.
The strength of its portfolio lies in the fact that it is well diversified with various aircraft types leased to different quality airlines across the globe. Return on investment achieved in 2007 was in excess of 12 per cent.
Falak plans to continuously develop its portfolio and expand its aircraft acquisitions and leasing activities, with an extensive search for attractive assets and quality airline lessees.
