Diamond Aircraft is a manufacturer of modern composite aircrafts and operates production facilities in Canada, Austria and China. It has contracts worth $350 million already secured. Jamil Marmarchi is the CEO of Medrar.
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MEDRAR FINANClAL GROUP and DIAMOND AIRCRAFT HOLDINGS have announced today that an agreement has been signed for the acquisition of a majority interest of Diamond Aircraft Holdings, Canada. In addition to a range of Diamond Aircraft's gasoline powered piston aircrafts, the agreement also includes the revolutionary D-JET program.
The D-JET, an unprecedented concept that combines low acquisition and operating costs with practical performance and a high level of luxury and comfort, is designed for simplicity of operation, safety and affordability.
"The current state of the economy highlights the need and potential for aircrafts like the D-JET" said Jamil Marmarchi, CEO of Medrar. "People will always continue to travel and in the short to medium distance range, the D-JET offers a luxurious and affordable, yet socially and environmentally responsible alternative way to fly privately. Diamond has successfully demonstrated its ability to leverage its designs and technology to create entire product lines for the piston airplane market - we are excited not only by the D-JET but also by the derivative models to follow."
Christian Dries, Chairman of the Diamond Group commented, "Diamond has grown tremendously over the last decade and it will greatly strengthen our worldwide position to have a capable partner supporting our future growth and our existing business. We are pleased that Medrar has demonstrated their recognition of this potential with their significant commitment. We look forward to working seamlessly together to develop the Diamond brand and enhance its value."
"We are equally bullish about the future potential of the piston aircraft, especially in support of professional flight training, where we expect international pilot demands to drive a sustainable market for training aircrafts in the long term and maintain our leadership position," continued Marmarchi. "As a specialized asset management and investment firm based in Dubai, 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."
Diamond Aircraft will be exhibiting a range of their planes including a mock up of the new and exciting D-JET at the Dubai Airshow 2011 at the Airport Expo from 13th - 17th November.
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