Annual Report 2010
Aerospace
Mubadala Aerospace continued to make significant progress in developing world-class operations in Abu Dhabi, despite the difficulties experienced by the global aviation and aerospace industry during 2010.
Tight budget controls and an emphasis on efficiency reduced the Unit’s net operating loss, while portfolio companies recorded a series of landmark achievements.
Sanad, Mubadala’s aviation component and engine financing company, was launched in February and by the end of the year had signed contracts with Air Berlin and Etihad Airways worth a combined US$130 million.
In June, three Emirati students began Mubadala-sponsored internships with the US National Aeronautics and Space Administration (NASA) – the first time that NASA’s 10-month training program has been offered to non-US citizens.
The Advanced Military Maintenance Repair and Overhaul Center (AMMROC) was launched in July with Abu Dhabi Aircraft Technologies (ADAT) and Sikorsky Aircraft Services as its two founding shareholders. Lockheed Martin joined AMMROC as an equity partner later in the year. AMMROC is an illustration of a unique business model that seeks to provide full military sustainment service capability to its primary customer, the UAE Air Force, as well as other military customers regionally and nationally.
STRATA’s advanced composites aerostructures manufacturing plant in Al Ain was completed in August 2010. Its first products – flap-track fairings for the Airbus A330/ A340 – were delivered a month later.
In keeping with Mubadala’s commitment to professional development and creation of highly skilled aerospace jobs in Abu Dhabi, STRATA established an initiative with Al Ain International Aviation Academy (AAIAA) to equip UAE nationals with the skills to be part of Abu Dhabi’s aerospace industry.
In October, SR Technics – the European aircraft maintenance, repair, and overhaul(MRO) company in which Mubadala holds a 70 percent stake – launched its operations in Malta, where EasyJet’s Airbus A320 fleet will be serviced. SR Technics was also named ‘Leading Independent MRO Provider’ in the Aviation Week awards.
ADAT announced further details of its agreement with GE to become an MRO provider for GE engines. An overhaul and test cell workshop for the GEnx and GP7200 models is being built in Abu Dhabi – a world first for a GE and Engine Alliance network partner – that will also service GE90 engines.
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Sanad, Mubadala’s aviation component and engine financing company, signed contracts with Air Berlin and Etihad Airways worth a combined US$130 million.
Aircraft maintenance and repairs accounted for 31 percent of Mubadala’s total revenues.
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