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Riyadh, Saudi Arabia: Swicorp has announced that it has purchased a strategic stake in Jordan Aviation (JATE), an aviation-leasing company in the Middle East, for an undisclosed sum.
The purchase was made through Intaj Capital, Swicorp's $250 million private equity vehicle.
JATE, an aircraft wet leasing company in the Middle East, is the first privately owned airline awarded a Jordanian Air Operating Certificate and is one of the youngest airlines to have completed the IATA Operational Safety Audit (IOSA) in 2006.
JATE provides wet leasing services to regional and international clients, which consist in providing fully operational airplanes, including crews and maintenance.
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