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Ex-Im Bank Supports Gulfstream Aerospace Sale of Executive Jets to Saudi Arabia


Media Contact Name/Phone: 

Marianna Ohe (202-565-3200)

WASHINGTON, D.C. - An Export-Import Bank of the United States (Ex-Im Bank) long-term loan guarantee will support the export by Gulfstream Aerospace Corp., Savannah, Ga., of three G350 business jet aircraft to National Air Services (NAS), Jeddah, Saudi Arabia. Ex-Im Bank announced its approval of the financing in conjunction with the Dubai Air Show being held in Dubai November 20-24, 2005.

WORKERS IN SAVANNAH, GEORGIA will manufacture three Gulfstream G350 aircraft (pictured) to be exported to National Air Services in Jeddah, Saudi Arabia. Ex-Im Bank is supporting the transaction with a long-term loan guarantee for guaranteed lender Arab Banking Corp. in New York City. (Photo: Gulfstream Aerospace)

Gulfstream has more than 7,200 employees at seven major locations in the United States. The G350 aircraft will be manufactured in Savannah. The planes include components produced by numerous U.S. sub-suppliers including Aerostructures Corp., Nashville, Tenn.; Goodrich Avionics Systems Inc., Grand Rapids, Mich.; Honeywell International Inc., Phoenix, Ariz.; and Parker Hannifin Corp., Ogden, Utah.

This transaction will create and sustain U.S. jobs, while continuing Ex-Im Bank's strong support of U.S. aircraft exports to the Middle East, said Ex-Im Bank Chairman (Acting) James H. Lambright. Recently, we have supported aircraft exports to Dubai, Oman and Saudi Arabia. The current transaction will enable NAS to further implement and expand its business model.

We are committed to the long-term success of NAS in the Middle East region, said Bryan Moss, president, Gulfstream. We know the G350, with its 3,800 nautical mile range and advanced cockpit will meet the air transportation needs of NAS clients.

Gulfstream announced last May that it had signed a letter of intent with NAS for the purchase of the G350 aircraft. The approval of the Ex-Im Bank financing for NAS has resulted in NAS and Gulfstream finalizing this purchase.

The Ex-Im Bank transaction is structured as an asset-backed financing, with the aircraft serving as collateral. Arab Banking Corp., New York, N.Y., the branch office of Arab Banking Corp., Bahrain, is the guaranteed lender on the transaction.

Gulfstream designs, manufactures and markets a complete line of technologically advanced business jet aircraft.

Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2004, Ex-Im Bank, an independent federal agency, authorized financing to support approximately $17.8 billion in U.S. exports worldwide, a 25% jump from a year earlier.