Aero Gulf Group sign MOU with Khaleeji Commercial Bank for the provision of finance to support aviation investment programme

Bahrain, 16th January 2014: The Bahrain based Aero Gulf Group announces today that it has signed a Memorandum of Understanding with Khaleeji Commercial Bank of Bahrain (KHCB). The Bank is committed to provide Islamic finance to underpin the far-reaching business growth 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, an area with significant growth potential and investment in aviation. It delivers global operators of CFM 56 ® aircraft engines exceptional, industry recognised EGT margin and quality, through the investment, reorganisation and streamlining that has underpinned this strategic acquisition.

Commenting on the MOU signing, Mr. 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”.

As Khaleeji’s first client within the sector, Aero Gulf will benefit from the bank’s investment prowess to support its business success as Company director, Ghanim Mubarak Al Kuwari, observes: “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.”