Falcon agrees $238mn loan to buy 23 aircraft

BUSINESS EXPANSION: Falcon has agreed a $238 million loan to purchase 23 aircraft. (FAS)

Abu Dhabi charter company Falcon Aviation Services (FAS) has agreed a 875 million-dirham ($238.3 million) loan to acquire new aircraft and ramp its service offering, which includes an expansion of its air taxi business.

Falcon said on Saturday it has signed an agreement for the lease finance facility with Abu Dhabi National Leasing (ADNL), a unit of National Bank of Abu Dhabi (NBAD), with which it will purchase 15 corporate jets and eight helicopters.

Falcon Chairman Salem Al-Kayoumi said the deal "enables us to expand our fleet and cater to the ever increasing market demands".

Falcon said with the additional aircraft it would expand its air taxi and tourism, corporate and VVIP, search and rescue, oil and gas offshore support, and air ambulance businesses.

The corporate jet orders include Embraer Legacy 600, Gulfstream G450, Embraer Lineage 1000, Embraer Phenom 300, and GROB SPn, while the helicopter orders include Agusta A109 and Eurocopter EC130, it said.

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