Dubai firm buys majority stake in Diamond Aircraft
Diamond Aircraft’s single-engine D-Jet got a financial boost with the announcement that a Dubai investment firm, Medrar Financial Group, has purchased a majority interest in Diamond Aircraft Holdings, Canada. The company, based in London, Ontario, makes single- and multiengine piston aircraft and is developing the 240-knot long-range cruise speed D-Jet.
Jamil Marmarchi, CEO of Medrar, said the current state of the economy highlights the need for, and potential of, aircraft like the D-Jet. He said the firm is excited not only by the model in development, “but also by the derivative models to follow.” Christian Dries, chairman of the Diamond Group, said the acquisition can only strengthen his company’s worldwide position.
Marmarchi said he expects international pilot demands to drive a sustainable market for training aircraft in the long term. Medrar is a specialized asset management and investment firm based in Dubai in the United Arab Emirates. He said he wants to make sure Diamond’s capital needs are met, but places special emphasis on development of the D-Jet.
November 14, 2011