Etihad Airways, the UAE’s national airline, has secured financing arrangements worth Dh1.65bn (US$450mn) for five new Boeing 777-300ER aircraft.

The agreement for a 12-year operating lease was signed with National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank and HSBC Bank Middle East as mandated lead arrangers, and with Abu Dhabi Investment Company as lead arranger.

“This ground-breaking deal demonstrates Etihad’s continued growth in fleet size and our deepening relationship with the domestic and international banking sector. Strengthening our ties with these banks will help us finance a number of Etihad’s future aircraft deliveries and continue to develop our global presence,” says Robert Strodel, CEO of Etihad.