Medrar Financial Group, a Dubai-based investment firm, announced at this week's Dubai Airshow that it had acquired a majority interest in Austrian GA manufacturer Diamond Aircraft.
An agreement between the two parties – terms, conditions and details of which were not disclosed – was reached earlier this week, with Medrar announcing it was particularly interested in progressing Diamond’s D-JET light jet program.
“The current state of the economy highlights the need and potential for aircrafts like the D-JET,” Jamil Marmarchi, CEO of Medrar, said. “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.”
“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,” Founder and Chairman of the Diamond Group, Christian Dries, added.
“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.”
And with Diamond coming up against financial constraints earlier this year, particularly in relation to the D-JET program, the acquisition firms up the manufacturer’s business outlook
“As a specialised 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,” Marmarchi concluded.
One of the prototype Diamond D-JETs during flight testing. (Diamond Aircraft)
