Mashreq Bahrain, Gulf Air sign financial facility deal for $80m
12-Feb-2012 Mashreq Bahrain, a financial institution, and Bahrain's national carrier Gulf Air announced the signing of a financial facility of $80m for the airline. This facility is testament of Mashreq's commitment towards the Bahraini airline industry and supporting the national carrier of the Kingdom.
The facility is set to assist Gulf Air to meet its medium-term working capital requirements.
The signing ceremony, which was held at Gulf Air's Headquarters, was signed between Samer Majali, Chief Executive Office of Gulf Air and John Iossifidis, Head of International Banking Group, Mashreq.
Samer Majali, Chief Executive Officer of Gulf Air, said, "Gulf Air is focused on ensuring a sustainable and financially viable future, and we thank Mashreq Bahrain for leading this facility, reflecting a commitment to a long-term strategic partnership which we look forward to building upon."
John Iossifidis, Head of International Banking Group, Mashreq, said, "This transaction clearly reflects Mashreq's continuing support to the Kingdom of Bahrain and its growth, as well as supporting the national carrier Gulf Air. Mashreq Bahrain has made great inroads into the corporate arena in Bahrain since the inception of its corporate banking business. In short time, we have established relationships with over 20 large Bahraini organizations with commitment and credit lines of over BD200m."
Mashreq Bahrain offers a wide range of corporate banking solutions to Bahraini clients ranging from simple trade and working capital to treasury and capital market products. Large corporate entities are also offered with sophisticated solutions for taping debt and capital markets.