Bahrain's sovereign wealth fund on Thursday announced that it has invested in FAI Aviation Group (FAI), provider of mission-critical aviation services for organisations including the Red Cross and United Nations.
Bahrain Mumtalakat Holding Company (Mumtalakat) said it has acquired a significant minority stake in Axtmann Aviation Holding that operates FAI.
Founded in 1986, FAI operates from its base in Albrecht Dürer International airport in Nuremberg, Germany and is a market leader in intercontinental air ambulance patient transport.
Its aircrafts fly an average 12,000 flight hours annually and its customers include international insurance providers, the United Nations, International SOS, the World Food Programme and prominent health authorities in the wider GCC region.
Mahmood H Alkooheji, Mumtalakat’s CEO, said: “It has perhaps never been as important as it is today to support rapid aviation response to crisis situations.
“This investment is aligned with our objective to invest in companies with strong track records of growth and experienced management teams. Aviation is a key component of our portfolio and we aim to leverage our sector knowledge and expertise to add value to the company and support its potential expansion into the wider GCC region.”
FAI’s chairman, Siegfried Axtmann, added: “We are pleased that our specialised expertise in aviation services is globally recognized and delighted about the opportunity to cooperate with a powerful partner such as Mumtalakat. Together we will expand FAI as the leading player in the sector and increase our share in the general aviation market in the Middle East.”
The transaction is subject to approval by Cypriot and German merger control authorities.
Mumtalakat holds stakes in over 40 commercial enterprises with a portfolio spanning sectors, including manufacturing, financial services, telecommunications, real estate, logistics, consumer products and education.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.