Defence and aerospace giant BAE Systems is to pump 10 million dollars into Oasis International Leasing, the Abu Dhabi-based firm announced Sunday.
The cash injection is a loan convertible into shares when a planned rights issue takes place, Oasis said in a statement.
"This is a significant vote of confidence in Oasis Leasing by our largest share holder. It will provide new money which can be used to capitalise on the opportunities in the leasing market," said chairman Mohammed Saif Al-Mazrouei.
The deal was signed in Abu Dhabi by Al-Mazrouei and by John MacBeath, BEA's Managing Director, Industrial and Business Development.
"As a founder shareholder of Oasis Leasing, BAE Systems now underlines its long-standing commitment to Oasis Leasing and to the development of the United Arab Emirates' financial services sector," said MacBeath.
At the end of 2003, Oasis's asset portfolio included 21 aircraft on lease to major regional and international flag carriers and a 50 percent stake in a capsize dry-bulk vessel.
The company aims to build from today's 560 million dollar value to 1.2 billion dollars by 2006, with investments in aircraft, shipping, infrastructure and power plant financing.