Q4 2016

Equipment Leasing

Insider

Welcome to our newsletter Welcome to First Equilease's Q4 2016 edition of the “Equipment Leasing Insider”.

The year 2016 has witnessed major changes in the way the GCC governments

function. Reforms and subsidy cuts were the order of the day followed by increased

scrutiny on project awards. Kuwait, on the other hand, has been quite active in

awarding new projects with renewed vigor. Real Estate and Oil and gas sector has

been the backbone of the Kuwaiti economy and as a result the investment in it

continues to come on top. Other GCC economies have also increased their project

awards during 2017. UAE and Qatar have major upcoming events within half a

decade and their spending has largely been focused on them.

The renewed enthusiasm and recovery in oil prices is expected to have a spill over

effect in 2017 which should be positive for the companies in the region.

We are eager to hear your suggestions and feedbacks. If you would like to know more about any of the topics

covered in the Newsletter, please feel free to get in touch with us. Happy New Year.

Best wishes,

Mohammad Al-Qahtany

Chairman & CEO, First Equilease

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Table of Contents

Foreword 1

Ongoing Projects in Kuwait 3

Key projects awarded in GCC during 2016 10

Equipment Leasing and Finance Association Monthly Confidence Index

13

Latest from Global Equipment Leasing News 14

Q4 2016

Equipment Leasing

Insider

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Market Analysis

Ongoing Projects in Kuwait

Kuwait is an important market in the GCC region in terms of infrastructure and construction. As of December 2016,

there are currently USD 281Bn worth projects that are ongoing in the region in sectors such as real estate, oil and

gas, infrastructure, water, alternative energy and petrochemicals. Kuwait has been clear in its goals of spending on

infrastructure despite the decline in oil prices. As of December 2016, the value of ongoing projects in Kuwait is USD

281Bn, out of which 32% of the projects belonged to the oil and gas sector. Although Kuwait’s project market faces

many challenges on top of low oil prices, such as lack of foreign interest, less than ideal private sector and a less

attractive business environment than its neighbors, they have huge reserves and the government has an ambitious

five-year plan to improve its infrastructure. Bringing in more private sector investment and encouraging the growth

of private sector has been a major objective of the Kuwaiti government in order to create more jobs for its

population.

Figure 1: Kuwait Ongoing Projects (Total – USD 281Bn)

Source: Zawya, Marmore Research, As of Dec 2016

Real Estate37%

Oil and Gas32%

Infrastructure15%

Power and Water8%

Alternative Energy5%

Petrochemicals3%

Industry0%

Real Estate Oil and Gas Infrastructure Power and Water Alternative Energy Petrochemicals Industry

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Real Estate projects account for roughly 37% of the total projects that are under execution which is mainly due to

a large number of government housing projects that is ongoing in the country. Kuwait is currently building four

large cities in the outskirts to provide its citizens with a villa that is built on 4,300 sq.ft plot of land1 at a nominal

price. In recent times, the number of request for houses has far outstripped the number of houses being built, and

currently there are over 100,000 request for houses and majority of the people are below the age of 25 and are

currently starting their own families. The four residential cities are – Sabah Al Ahmad Future City (9,000 housing

units), Mutla Residential City (25,000 housing units), Al Subiyah residential city and North Mutla residential city

(52,000 housing units each).

Oil and Gas is the second largest sector in terms of ongoing projects accounting for 32% of the total projects under

execution worth USD 89 Bn. Despite the slowdown brought down by low oil prices, Kuwait’s government has not

shown any signs of slowing down its spending in the oil and gas sector. Kuwait’s state-run oil company is planning

USD 42 Bn in investments by 2022, as the country pursues a three-fold strategy to increase oil production, expand

its refineries and flesh out a clean fuels project. Kuwait Petroleum Corporation (KPC), Kuwait’s national oil

company plans to increase the oil production by 44% to around 4 Million barrels per day. Some of the largest

ongoing projects in Kuwait include – KNPC (Kuwait National Petroleum Company) Al Zour Refinery, KNPC - Mina Al

Ahmadi/Mina Abdullah Clean Fuel Project and KOC (Kuwait Oil Company) - Lower Fars Oil Fields.

Infrastructure accounts for the 3rd largest sector accounting for 15% of the total projects under execution and

currently has USD 42.6 Bn worth of projects under execution. Current infrastructure in Kuwait including that of

Airports, Ports and Roads are outdated and requires significant investments for expanding and upgrading these

facilities. Kuwait’s government has taken cognizance of the requirement and has mooted some major

infrastructure projects. In order to ease the congestion within Kuwait city, the government has come up with

Kuwait Metropolitan Railway Transport System with 68 stations. Kuwait is also expanding its international airport

passenger terminal in order to cope up with the large influx of crowd.

1 http://www.citylab.com/housing/2016/08/kuwaits-answer-to-scarce-housing-more-villas-more-sprawl/497603/

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Equipment Leasing

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KNPC - Al Zour Refinery

Kuwait National Petroleum Company (KNPC) plans to construct its fourth refinery at Rumaithiya, Al Ahmadi, and

Kuwait. The estimated USD 16 Bn project aims at producing low sulfur fuel oil for the country's power plants. The

project will be divided into six packages that include 2 process units: package 1 includes 330,000 bpd, 186,000 bpd

Diesel, 615,000 bpd Crude Oil, 106,000 bpd Kerosene, 36,000 bpd Naphtha, 20,000 bpd Gas. The second package

includes 17,100 gpm (Gallons per minute) Amine Regeneration, 6,000gpm Sour Water stripper, 3,000 t/d Sulphur

and 580,000,000 cu.ft/d Hydrogen. Package 3 includes off-sites & utilities with 275 KV main power distribution

system, package 4 includes a tank farm with 95,392 cu.m Crude Oil, 67,887 cu.m Fuel and 21 1,930 cu.m finished

products, package 5 includes marine export facilities with a capacity of 500,000 bpd including a 500 m pipeline and

Sulfur Pelletizing/Conveying systems of 150,000 ton, and the fifth package consists of 350 Km pipelines. Foster

Wheeler is the feasibility study consultant and Amec is the PMC.

KNPC – Al Zour Refinery Contracts

Timeline

of events Construction Area Contract Awarded To

Dec-12 PMC Contract AMEC Kuwait Project Management & Contracting Company

Jul-15 Package 3 Daewoo Engineering and Construction, Hyundai Heavy Industries and Fluor Corp

Jul-15 Package 5 Hyundai Engineering and Construction, SK Engineering and Construction and

Saipem

Jul-15 Package 1 Tecnicas Reunidas, Hanwha Engineering and Construction and Sinopec

Aug-15 Package 4 Saipem Spa and International Solar and Renewable (ISAR) Energy

Oct-15 Package 2 Fluor Corporation, Daewoo Engineering and Construction and Hyundai Heavy

Industries

Source: Reuters

Sabah Al Ahmad Future City

The Public Authority for Housing Welfare (PAHW) plans to develop Sabah Al Ahmad Future City, a community

development located 50 km south of Kuwait City. At an estimated cost of USD 27 Bn, the project will be developed

over an area of 35 million sq.m. and consists of 9,000 housing units for Kuwaitis who are entitled to housing

welfare. The city includes commercial, health, sports, educational (universities and schools) and other private

residential areas. Sabah al Ahmad Future City also includes shopping malls, hotels, mosques and touristic areas.

Once completed, the city will house up to 110,000 residents. Dar Al Dowailah Engineering Consultants and

Construction Managers is the design consultant.

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Sabah Al Ahmad Future City Contracts

Timeline

of events Construction Area Contract Awarded to…

Dec-08 Ring Road (including MEP

works) Al Hajraf Trading and Contracting Group and Bash Yazji Company

Mar-10 Area A (including MEP works) Mohammed Abdulmohsin Al-Kharafi & Sons Company and United Gulf

Construction Company

Aug-11 Area C (including MEP works) Alamiah Building Company

Jan-12 Infrastructure Kuwait General Trading & Contracting Company

Q1 2012 Public Buildings for the

Center of Service O&G Engineering General Trading & Contracting Company

Feb-12 Area B (including MEP works) Al Enmaa Real Estate

Q4 2012 Area D (including MEP works) Al Toubad General Trading and Contracting Company

Jul-13 Area E (including MEP works) Combined Group Contracting Company

Source: Reuters

KNPC - Mina Al Ahmadi/Mina Abdullah Clean Fuel Project

Kuwait National Petroleum Company (KNPC) plans to rehabilitate and upgrade its refineries at Mina Al Ahmadi and

Mina Abdullah in Kuwait at an estimated cost of USD 15.6 Bn. The Clean Fuel Project aims at increasing the

refinery's combined capacity from 264,000 bpd (Barrels per day) to 800,000 bpd. System Development Project

Management (SDPM) and Hill International are the technical consultants of the project, Fluor Kuwait is the FEED

study consultant, Foster Wheeler is the PMC consultant and SPIE Oil & Gas Services is the commissioning

management and support services consultant.

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KNPC - Mina Al Ahmadi/Mina Abdullah Clean Fuel Project Contracts

Timeline

of events Construction Area Contract Awarded to…

Jan-08

Manufacture and supply 22

reactors and pressure

vessels Larsen & Toubro

Dec-12 Site preparation package Burgan One General Trading and Contracting Company

Dec-12 PMC contract Foster Wheeler

Dec-12 Civil works package Samsung C&T Engineering and Construction Group

Jun-13

MTBE Alkylation Cooling

Tower and Sewer Water

Tanks package Daelim Industrial Company

Feb-14 Combined EPC contract

Consortium of Thuwainy Trading Company and JGC Corporation for Mina

Ahmadi refinery, the Consortium of Daewoo Engineering & Construction Co

Ltd, Fluor Kuwait and Hyundai Heavy Industries Company for Mina Abdullah

refinery and the Consortium of Petrofac E & C International Limited, CB&I

Lummus and Samsung C&T Engineering and Construction Group also for Mina

Abdullah refinery

Mar-15

Mina Al Ahmadi packages -

subcontract CB & I

Oct -

2016

Commissioning

management and support

services SPIE

Source: Reuters

Kuwait MOC - Kuwait Metropolitan Railway Transport System

The Ministry of Communications - Kuwait (MOC) plans to develop a metro in Kuwait City, Al Assimah, Kuwait. The

project covers the construction of a metro system that spreading over 160 Km, built across the inner city of

Kuwait, and linked to the new Kuwait rail network that will spread over 411 KM. Ingenieria y Economia del

Transporte, S.A. the master plan consultant, the consortium of Al Dashti, Ingenieria y Economia del Transporte,

S.A.and the Kuwait United Development Company KSCC is the feasibility study consultant, Parsons Brinckerhoff is

the feasibility study consultant for roadway design and transportation network, and the consortium of Ernst and

Young (Legal), WS Atkins and Partners (technical), Ashurst (legal) and Al Ruwayeh and Partners (legal) is the

transaction advisory consultant.

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Mutla Residential City

This USD 16 Bn project is undertaken by Kuwait Public Authority for Housing Welfare (PAHW), a mixed development

project located in Al Jahra, Kuwait. The project will spread over 130 million sq.m. with a built up area of 90

million sq.m and will comprise 25,000 residences. PricewaterhouseCoopers Al-Shatti is the feasibility study

consultant. Parsons International is the master plan and detailed design consultant. During June 2016, the Public

Authority for Housing Welfare (PAHW) has signed a contract of about USD 959 Mn with the Italian Salini Costruttori

engineering company and Turkey’s Kolin group to build the city’s infrastructure. The authority also signed a five-

year contract worth about USD 78.2 Mn with the US Hill International, the global leader in managing construction

risk, to provide program management consultancy services during the development of the project. The contract

involves ensuring the completion on the project on the specified date, evaluating contractors and consultants and

training Kuwaiti employees at PAHW on running projects and contracts.

Al Subiyah Residential City

The USD 14 Bn project is part of the government’s plan to deal with the housing crisis by building 4 cities with a

capacity of 160,000 units. The project consists of the construction of 52,000 housing units and their related

facilities. The Residential City will be developed in phases, however the scope of each phase was not yet revealed.

The initial schedule of the project is expected to be revealed in Q1 2017 and the project is expected to be

completed by 2020.

Kuwait PAHW - North Mutla Residential City

This USD 14 Bn housing project is plans to develop North Mutla Residential City, a community development located

in Al Mutla, Al Assimah, Kuwait City, Kuwait. The project consists of the construction of 52,000 housing units and

their related facilities. The project is still under the planning stage and is expected to be completed by 2020.

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Table 1: Top ongoing other infrastructure projects in Kuwait (By Project Value)

Project Name Sector Status Project Value

(USD Bn) Completion

Date

Kuwait PAHW - Sabah Al Ahmad Future City

Real Estate Execution 27.0 -

KNPC - Al Zour Refinery Oil and Gas Bid Evaluation 16.1 2020

Kuwait PAHW - Mutla Residential City Real Estate Execution 16.0 2020

KNPC - Mina Al Ahmadi/Mina Abdullah Clean Fuel Project

Oil and Gas Execution 15.6 2018

Kuwait PAHW - Al Subiyah Residential City

Real Estate Planning 14.0 2020

Kuwait PAHW - North Mutla Residential City

Real Estate Planning 14.0 2020

KISR - Al Shakaaya Renewable Energy Alternative Energy Execution 13.2 2030

PIC- Olefins III Petrochemicals Planning 9.0 2020

KAPP - Al Zour North IWPP Power and Water Bid Evaluation 8.3 2018

KOC - Lower Fars Oil Fields Oil and Gas Execution 7.0 2030

Source: Zawya

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Key projects awarded in GCC during 2016

Dahiyat Al Fursan new city

The Saudi Arabia Ministry of Housing (MOH) plans to build the new Dahiyat Al Fursan City, 14 Km East of Riyadh,

Saudi Arabia. The project aims to solve the country's housing shortage. The project consists of the construction of

100,000 homes including apartments, town houses and condominiums as well as infrastructure works over a land

area of 38 sq.km. The city will eventually be a high-tech new urban center with a population of over 600,000

people. In 24 Mar 2016, a MOU was signed between the Saudi MOH and Consortium of Hanwha Engineering &

Construction, Daewoo Engineering & Construction and Saudi Pan Kingdom Company to construct the project.

Haramain High Speed Rail

Saudi Railways Organization (SRO) plans to develop the Haramain High-Speed Rail (HHR), which was previously

known as the Makkah/Medina Rail Link (MMRL) project from Makkah to Medina, Saudi Arabia. The project aims at

easing the inflow of pilgrims arriving in Jeddah and traveling on to the holy cities and to create a high-speed

passenger rail link between the holy cities (Makkah and Madinah) and Jeddah. The Haramain Railway will run from

Makkah's Third Ring Road in the Al-Russaifa district, follow the Makkah to Jeddah highway through Bahrah, move on

to the district of Guwaizah east of the Jeddah to Madina highway, and continue from there to Abraq Al-Raghamah.

In December 2016, A Spanish consortium building a high-speed rail link between Mecca and Medina has reached an

agreement with Saudi Arabia to finalise the works following years of delays. Saudi Arabia originally awarded the

USD 7.1bn contract to the consortium in 2011. The consortium comprises 14 companies, with two Saudis in the

Saudi Al Shoula and Al Rosan, and 12 Spanish, which are Adif, Ineco, Renfe, Cobra, Copasa, Consultrans, Imathia,

Inabensa Indra, OHL, Siemens and Talgo.

Dubai Metro - Red Line Extension

Roads & Transport Authority (RTA) plans to extend the metro red line from Rashidiya to Mirdif, Dubai. The project

is part of Dubai Metro and covers the construction of a 3.5 Km metro line including 1 station. JV of Parsons

International Limited and Systra is the design consultant. In October 2016, A consortium led by France’s Alstom has

signed a USD 2.9 Bn contract to extend Dubai’s red metro line to the site where the 2020 World Expo will be held

in the Emirate. Alstom’s share of the contract is half, while the remainder will be managed jointly by Acciona, the

Spanish renewable energy and infrastructure group, plus Turkish construction group Gülermak.

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Ibri Sohar-3 power generation project

Oman Power & Water Procurement Company (OPWP) plans to construct two independent power provider in Sohar

Industrial Port and Ibri Industrial port in Northern Oman. The power plants aim at supplying approximately 30% of

the electricity that will be consumed in the Muscat area once the commercial operation is achieved. The project is

part of the Al Suwaiq project which includes the construction of 2 natural gas-fired combined cycle power plants

with a total capacity of 3,150 MW. The sites will be in Ibri (1,450 MW), and Sohar (1,700 MW). The feasibility study

and the site selection study were done in-house and Fichtner Consulting Engineers is the technical adviser. Mitsui

signed a 15-year power purchase agreement with OPWP. In Jan 2016, Build, Own and Operate (BOO) contract was

awarded to the consortium of Mitsui &Company Middle East Limited, ACWA Power International and Dhofar

International Development & Investment Holding SAOG.

Jebel Ali Port – Dubai

DP World plans to develop Terminal 4 of Jebel Ali Port Expansion in Dubai, UAE. The project aims at reinforcing

Jebel Ali's role as the premier gateway serving a region of 2 billion people; from the Middle East to the Indian

Subcontinent, and from East Africa to Central Asia, as well as meeting the projected increase in trade leading up

to Expo 2020. The new 7.8 million TEU terminal will be developed in 2 phases. In Feb 2016, the construction

contracts were officially signed between DP World and Dutco Balfour Beatty and BAM International. In May 2016, an

MEP (Mechanical, Electrical and Plumbing) contract was signed with BK Gulf. The MEP contractor will provide all

mechanical and electrical infrastructure for the new port including HV & LV distribution - substations, generators,

cabling, area lighting, potable water and fire protection network for container terminal 4 (CT4).

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Table 1: Top projects that were awarded in 2016 in the GCC region (By Project Value)

Project Name Awardee Awarded to Project Value

(USD Bn) Country

Dahiyat Al Fursan new city

Saudi housing ministry Hanwha Engineering & Construction and Daewoo Engineering & Construction

20.0 Saudi Arabia

Haramain High Speed Rail

Government of Saudi Arabia

Spanish consortium 7.0 Saudi Arabia

Dubai Metro – Red line Roads and Transport Authority

Alstom Consortium 2.9 UAE

Ibri Sohar-3 power generation project.

Oman Power and Water Procurement Co

Mitsui & Co, ACWA Power, and Dhofar International Development and Investment Holding (DIDIC)

2.3 Oman

Jebel Ali Port Jebel Ali BK Gulf 1.6 UAE

Fadhili gas project Saudi Electricity ompany Engie 1.2 Saudi Arabia

Engineering and Construction contract of Offshore segment

Saudi Aramco Saipem 1.0 Saudi Arabia

Reem mall Reem Mall Al Futtaim Carillion 1.0 UAE

JV for South Al Mutlaa City

Kuwait PAHW Salini Impregilo and Turkey's Limak Construction

1.0 Kuwait

Hasbah Sour Gas Field.

Saudi Aramco Larsen & Toubro and Emas AMC 1.0 Saudi Arabia

Five star hotel in Saudi Arabia

Posco E&C and Saudi's Public Investment fund

Posco E&C 0.9 Saudi Arabia

Saudi Aramco's Uthmaniyah plant

Saudi Aramco Hyundai E&C 0.7 Saudi Arabia

Townhouses building contract for Royal Estates

Texture Group Armada Contracting 0.6 UAE

Contract to build Kuwait's government-run Sabah Al Salem University City.

Kuwait government China State Construction Engineering Corporation's

0.6 Kuwait

Saih Nihaydah Depletion Compression Phase 2 (SNDC2) project.

Petroleum Development of Oman

L&T Hydrocarbon Engineering 0.4 Oman

Mamsha Al Saadiyat Tourism Development & Investment Company (TDIC)

San Jose Contracting and Pivot Engineering & General Contracting.

0.3 UAE

Source: Reuters

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Trends

Equipment Leasing and Finance Association Monthly Confidence Index

The Equipment Leasing and Finance Association (ELFA) Monthly Confidence Index

is one of the most widely known index which is used by industry leaders

worldwide to gauge the business confidence. The Equipment Leasing and Finance

Association is the trade association representing financial services companies and

manufacturers in the USD 1 Tn U.S. equipment finance sector.

Figure 2: ELFA Monthly Confidence Index

Source – ELFA

The performance of the ELFA monthly confidence index has increased by 25% during Q4 2016. The US businesses

have gained much needed clarity following the US election. When asked to assess their business conditions over the

next four months, 48.4% of respondents said they believe business conditions will improve over the next four

months, an increase from 13.8% in November. Around 45.2% of respondents believe business conditions will remain

the same over the next four months, a decrease from 69.0% in November. Around 6.5% believe business conditions

will worsen, a decrease from 17.2% the previous month.

66.1 66.3

72.170.7

67.5

63.0 62.6

67.4

61.1

58.760.2 60.2

54.0

48.3

51.6

59.1

55.1

52.3 52.5

54.853.8

56.054.6

67.5

45.0

50.0

55.0

60.0

65.0

70.0

75.0

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Latest from Global Equipment Leasing News

Oman car leasing firm raises $25m from regional banks

Oman ORIX Leasing Company, a motor vehicle leasing firm, has successfully raised $25 million bilateral term

facilities from regional banks. The term facilities were provided by BBK and the National Bank of Ras Al Khaimah

and will be used by Oman ORIX to fund its leasing finance business. Alpen Capital, Oman acted as the sole financial

advisor to the transaction. Shahin Mohammed Ahmed Al Balushi, CEO, Oman ORIX Leasing Company, said: “We have

made it a priority to diversify our funding sources and I am glad that we were able to establish new banking

relationships in the region through this transaction.”

Oman Car Rental and Leasing Market Forecast to 2020 - Developing Tourism Industry and High Per Capita

Income to Drive Growth

Oman Car rental market has majorly been in its period of development with operators being challenged to enhance

their fleet portfolio in order to meet demands of the discerning customers in terms of variety of cars and delivery

standards. The car rental industry in Oman has majorly been dominated by various car rental players such as Hertz,

Auto rent, Budget, Sixt and others. Car rental market in Oman has surged in recent times. The market has witnessed

a rise in the number of car rental firms in the country along with the rise in international tourist arrivals especially

in city of Muscat. Oman car rental market has witnessed a rise in the number of long term car rentals and it is

expected that in future, long term car rental would bypass spot rentals in Oman car rental market.

Islamic finance – Aviation and innovation

Islamic finance remains one of the fastest growing sectors in the international finance industry. Estimates of the

current size of the Islamic Finance market range from US$1.66 trillion to US$2.1 trillion, with an expectation that

the market will expand to reach US$3.4 trillion by the end of 2018. Islamic finance is well suited to asset finance

and has adapted to provide an alternative to conventional financing structures, building upon the religious and legal

principles which are at its foundations.

Helicopter Leasing Remains Attractive

A recent analysis of the global civil helicopter market released by the IBA Group consultancy paints it as an

attractive venue for more leasing activity despite continuing negative trends. The number of new helicopter

deliveries dropped 11% in 2015, to 718 from 804 in 2014. That itself was a 21% drop from 2013. Heavy helicopters

took the worst of it, with sales declining 49% year over year, while mediums dropped 25% and light singles declined

5%. Super-mediums bucked the trend, posting year-over-year gains of 31%, and light twins recorded a 1% gain. As a

Q4 2016

Equipment Leasing

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percentage of all 2015 deliveries, light singles constituted 62%, light twins 17%, mediums 13%, super-mediums 2%

and heavies 5%.

Waypoint Leasing places Airbus H225 on lease with GHS

Waypoint Leasing (Ireland) Limited (Waypoint), the largest independent global helicopter leasing company,

announced that it has agreed to lease one Airbus H225 helicopter to Global Helicopter Service GmbH (GHS), a

German operator with a strong presence in Africa, for utility and humanitarian support missions. “This transaction is

further evidence of Waypoint’s diversification and our ability to exploit opportunities in new markets and new

segments,” said Con Barber, director of Middle East and Africa sales and relationship management. “A large number

of helicopters are used in humanitarian support roles in Africa and around the world, and GHS is a market leader in

the segment. We are excited about executing our first lease with GHS and are confident that this transaction is the

beginning of a long-term partnership.”

Aircraft leasing firm’s $10bn deal to create world’s third-largest rental fleet

China’s HNA Group, controlled by the billionaire Chen Feng, has agreed to buy the aircraft-leasing business of CIT

Group for US$10 billion in a deal that would create the world’s third-largest rental fleet. HNA’s Avolon Holdings will

expand its line-up to 910 aircraft valued at more than $43bn, including planes on order, the company said. The

acquisition is scheduled to close in the first quarter after regulatory and shareholder approval. The purchase about

doubles Avolon’s fleet and vaults it into the ranks of the top aircraft lessors. Founded in 2010, Avolon is betting on

rising demand for global air travel and airlines’ desire to replace aging jets, especially in the Asia-Pacific region,

where China is poised to become the biggest aviation market within two decades. The Dublin and Hong Kong-based

company aims to overtake market leaders GE Capital Aviation Services, a unit of General Electric known as Gecas,

and AerCap Holdings.

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About First Equilease

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We aspire to be the market's first choice in equipment leasing in the Middle East, recognized for the

innovative trend-setting solutions, Client-centric approach, ethical standards, and dedicated towards

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