DUBAI: Saudi investors of Abraaj Capital, led by Abdulrahman Ali Al-Turki, chairman of Abraaj Capital, the premier investment firm specializing in private equity investment in the Middle East, North Africa and South Asia (MENASA) region, announced yesterday the sale of their 30 percent stake in National Air Services (NAS) to Kingdom Holding Company (KHC), founded by Prince Alwaleed bin Talal, generating a 52 percent internal rate of return (IRR) over a two-year holding period. The implied valuation of NAS increased by four times over this period, providing an excellent return to the Abraaj Saudi investors.

Founded in 1999 in Riyadh, NAS today is a leading provider of aviation services in the Middle East. The company’s diverse portfolio of products and services includes Nas Air, the Kingdom’s first low-cost carrier; NetJets Middle East, which provides fractional aircraft ownership and leasing; Al-Khayala Airlines, an all-business-class carrier serving Jeddah, Riyadh and Dubai; Aircraft Management Services, Aircraft Charter Services and other unique aviation solutions.