Gulf Air seals new loan facility

GULF AIR: New loan facility for Bahrain state carrier to be used to finance development plans. (Getty Images)

Bahrain’s national air carrier Gulf Air has signed a $75 million loan facility with Standard Chartered Bank.

The three year loan will be used to finance the carrier’s corporate development plans.

"Gulf Air is moving on with its realignment programme in tune with Bahrain's 'Vision 2030' strategy and is committed to strengthening its presence as a leading player in the regional and global aviation industry," said Gulf Air deputy CEO Ismail Karimi.

"The loan arrangement will facilitate implementing these plans that include upgrading and introducing new products and services. Our ultimate aim is to make Gulf Air the carrier of choice."

Jonathan Morris, CEO, Standard Chartered, Bahrain said: ''We are delighted to arrange this facility to meet Gulf Air's financing requirements, particularly in this challenging economic climate.

''Standard Chartered has significant capabilities in aircraft finance and this transaction further demonstrates our commitment to our client base and the aircraft industry in the Middle East."

"In Bahrain, we will also continue to partner with the Bahrain Government, and leading corporates in driving significant infrastructure projects that will help shape Bahrain's future as part of the 'Vision 2030'," he added.

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