ICEC

Mashreq lends $80m to Gulf Air

Dubai: Mashreq Bahrain and Bahrain’s national carrier Gulf Air announced on Sunday the signing of a financial facility of $80 million (Dh293.82 million) for the airline.

The facility will help Gulf Air meet its medium-term working capital requirements. The agreement was signed by Samer Majali, chief executive of Gulf Air, and John Iossifidis, head of Mashreq’s International Banking Group.

“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,” Majali said.

‘Continuing support’

Iossifidis 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 a short time, we have established relationships with over 20 large Bahraini organisations with commitment and credit lines of over 200 million dinars (Dh2.65 billion).”

Source: gulfnews

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