Medrar Financial Group of Dubai and Diamond Aircraft Holdings of London, Ontario, signed an agreement yesterday at the Dubai Air Show for Medrar’s acquisition of a majority interest in Diamond. The agreement does not affect Diamond Aircraft Gmbh in Austria. A spokesperson told AIN the value of Medrar’s investment in Diamond is “undisclosed.” The agreement includes Diamond’s gasoline-powered piston airplanes, as well as its in-development single-engine D-Jet. “The current state of the economy highlights the need and potential for aircraft like the D-Jet,” said Medrar CEO Jamil Marmarchi. “As a specialized asset management and investment firm, Medrar will ensure the company’s capital needs are met and Diamond continues to lead the industry with emphasis on enhancing the D-Jet market status. We are excited not only by the D-Jet, but also by the derivative models to follow.” Marmarchi also said Medrar is “equally bullish about the future potential of [Diamond’s] piston aircraft.” Diamond Group chairman Christian Dries said Medrar is “a capable partner supporting our future growth and our existing business.” A cash crunch forced Diamond to suspend the D-Jet program in late March. The company restarted the jet program in September, after announcing it had secured an agreement for a fresh capital infusion.
Dubai Firm To Acquire Major Share of Diamond Aircraft
- November 15, 2011, 10:58 AM