Aero Gulf signs MoU with Khaleeji Commercial Bank over aviation investment programme
Aero Gulf Group of Bahrain signs an memorandum of understanding (MoU) with Khaleeji Commercial Bank (KHCB) for finance to support an aviation investment programme on the opening day of the Bahrain Air Show.
KHCB is committed to provide Islamic finance to underpin the business growth plans of Aero Gulf Group and in particular its operations within the aviation maintenance, repair and overhaul sector.
The Aero Gulf Sola Engine Centre in Norway, which was purchased from Pratt & Whitney late 2013, forms the cornerstone of a growing aviation portfolio that will focus on the provision of MRO services across the Middle East and North Africa.
Khalil Ismaeel Al Meer, CEO of KHCB, said: “KHCB is very pleased to announce its intended partnership with Aero Gulf Group to provide financing and support their investment plans in the region. Our Bank is pledged to participate in the economic development of Bahrain and GCC countries and sees this partnership with Aero Gulf Group as its stepping stone into the dynamic aviation market which is an extremely important industry.”
Aero Gulf is the bank’s first customer in this sector.
Company director Ghanim Mubarak Al Kuwari said: “This solid relationship will enable us to fast-track our blue-print for growth and capitalise on the opportunities that exist to service airlines across the region with the quality MRO support that they demand but is not available locally. We are delighted to have the confidence and backing of Khaleeji Commercial Bank and proud to pioneer their introduction to the world of aviation.”