Veling Group expands business aviation footprint with brand new hangar in Mauritius

Thursday 14th May 2015

The Veling Group is widening its business aviation activity with the formal opening on 6th May of a brand new state-of-the-art 2,200 sqm hangar at its 12-month old private aviation terminal at SSR International Airport, Port Louis in Mauritius, Africa.

Representing an investment of US$3million, the facility built by Dorset, UK-based ReidSteel Group, comprises 1,800 sqm of hangar space and 400 sqm for offices and storage.  It was inaugurated in the presence of the country's Prime Minister Sir Anerood Jugnauth and Tourism Minister Xavier-Luc Duval.    The new MRO and aircraft parking facility is capable of housing four Dassault Falcon 900 jets or two Bombardier Global Express aircraft, side by side.

It has been built adjacent to Veling's private terminal at the capital's airport which opened exactly a year ago, complete with its YU brand relaxation Lounge and refreshing plunge pool.  The FBO handled around 300 arriving aircraft in 2014.  Coinciding with the expansion Uday Nayak, co-founder and Chairman is visiting the EMEA region's premier business aviation show, EBACE in Geneva (19th to 21st May) to talk with potential partners who may be interested in running the MRO activity.

Veling Tayara - exploring new frontiers in bizjet financing

Uday and his team are also pioneering a new financing model for the business aviation sector - the operating lease, which is being offered via Veling's sister company, the new Veling Tayara.  Veling Tayara is headed by former senior Embraer executives Managing Director Colin Steven, based out of Dubai and Non Executive Chairman Ernie Edwards, from Florida.

There is widespread opinion in the industry now that more aircraft owners, particularly in the new and pre-owned large cabin sector, will transition into operating leases as this model becomes a more mature way of financing a depreciating asset.  It is also a "mind set" change for aircraft owners today, Uday suggests, considering the changing economic climate and the need to keep a healthy cash flow in the business.

Veling Tayara's proposition is to encourage High Net Worth Individuals and corporations to lease their aircraft, rather than buy.  "Why lock yourself into a US$50 million investment when an aircraft can be leased?  A lease won't appear on the balance sheet, for everyone to see, and it gives the owner far greater flexibility to change or upgrade the jet three or five years later, just as the majority of the world's airlines do," he says.

Owners of new and pre-owned large cabin aircraft (Veling Tayara is specialising in aircraft of US$20 million and up) are giving serious thought to the scenario of innovative purchase and lease back and operating lease solutions, adds Colin.  We are getting some good feedback from aircraft owners that this is the model for the future and a more mature way of financing a depreciating asset.'

Veling completes first Japanese operating lease - on an Airbus A380

"Concluding our first deal for Veling Tayara will be key," says Uday, noting there is growing interest from the Middle East, India and China, especially.  He likens it to a significant achievement Veling just concluded.  At the end of March Veling ratified its first Japanese operating lease for Emirates on an Airbus A380 (A-6EOG) Serial No 172.  The deal took 18 months to complete, but the next one will be much smoother.  This is how I see Veling Tayara's proposition evolving," he said.

About the Veling Group

The Veling Group, headquartered in Mauritius, with complementary offices in London, Dubai and Florida, Veling Group was founded in 2002 by Uday Nayak and Nirvan Veerasamy to offer innovative and responsive solutions in aircraft leasing, sales and remarketing of commercial aircraft. In 2014 that remit was expanded into executive jets. Today, Veling has a portfolio of 12 large cabin aircraft - eight Boeing 777s and four Airbus A340s.  Clients include Emirates and Sri Lankan Airlines.

The Group operates two state-of-the-art private airport terminals - in Mauritius and St Kitts & Nevis in the Caribbean.  Its YU Lounge brand is a Private Terminal owned and operated by the Veling Hospitality Group, also founded in 2002 by the same principals.  In operation since December 2008 and May 2014, respectively, the YU Lounge Mauritius and YU Lounge St Kitts are state-of-the-art private terminals encompassing a luxury lounge for discerning passengers travelling on commercial airliners and private jets.

Veling Tayara, launched in spring 2014 and based in Dubai, UAE, specializes in providing innovative purchase & leaseback and operating lease solutions for new and pre-owned business aircraft of US$20 million and up.  Its market is focused on the Middle East, Europe, Africa and Asia.

Earlier this year Viking Air Limited of Victoria, British Columbia signed Veling Tayara as its regional sales representative for the Viking Twin Otter Series 400 in the Middle East and Turkey. Viking Air of British Columbia is building a new generation Twin Otter in response to market demand.

www.velingtayara.aero

www.veling.aero