Sanad, a leading global aerospace engineering and leasing solutions provider owned by Abu Dhabi’s Mubadala Investment Company, announced a record-breaking revenue of Dh4.92 billion ($1.34 billion) for 2024. The company’s earnings reflect a 40% increase from Dh3.4 billion in 2023, driven by strong global demand for engine maintenance, repair, and overhaul (MRO) services, strategic expansions, and key partnerships.
Strategic Growth and Global Expansion
Sanad’s leasing division played a pivotal role in the company’s success, executing five major transactions worth over Dh1.8 billion ($490 million). The company’s order book, now valued at Dh33 billion, was further strengthened by new agreements with Air Mauritius, Deucalion Aviation, Asiana Airlines, and Lion Air. This growth was supported by an expanded global footprint, including the establishment of a dedicated sales presence in Singapore, reinforcing Sanad’s position in the high-growth Asia-Pacific (APAC) market.
“Sanad’s record-breaking performance in 2024 is a testament to our resilient strategy, operational excellence, and long-term investment plans,” said Amer Siddiqui, Chairman of Sanad. “Our continued growth underscores our role in Abu Dhabi’s vision of becoming a global aviation hub and solidifies our leadership in the industry.”
Surge in Engine MRO Services
Sanad’s MRO division experienced a surge in demand, recording 161 engine inductions—an increase of 29% from 2023. The company processed 54 V2500 engines, 40 Trent 700 engines, 28 GEnx engines, and 21 LEAP engines, conducting over 43,000-part inspections and 19,000 in-house repairs. To accommodate the rising demand, Sanad invested over Dh100 million in expanding its MRO infrastructure, ensuring state-of-the-art engine maintenance capabilities.
Mansoor Janahi, Sanad’s Managing Director and Group CEO, called 2024 a “transformational year” for the company. “Surpassing $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,” he stated.
Major Leasing Transactions and Financial Strength
Sanad’s leasing division achieved significant milestones, including the sale of 16 engines to Etihad Airways, valued at nearly Dh1.5 billion. Other key deals included high-value CFM56 engine transactions with CFM Materials and component sales to AerSale, strengthening Sanad’s financial position. Additional asset monetization efforts included the sale of a GE90 engine and two CFM56-7B26 engines to CFM Materials.
Workforce Growth and Emiratisation Efforts
Sanad expanded its workforce by 20% in 2024, hiring over 130 new employees. Emiratisation remained a core focus, with UAE nationals now making up 32% of the workforce—a 19% increase from 2023.
Future Outlook
Looking ahead, Sanad plans to expand its engine MRO capacity within the UAE while targeting emerging markets in Africa, India, and Southeast Asia. The company continues to focus on strategic industry collaborations, cutting-edge MRO solutions, automation, and AI-driven initiatives to drive efficiency and innovation.
With a strong financial performance and a commitment to technological advancement, Sanad is poised for continued growth, reinforcing Abu Dhabi’s status as a global aviation hub.
