Gulf Technics secures funding for components support expansion

At a press conference at the show GT said the funds will be used by the Mumtalakat subsidiary to finance it’s the new components business which offers airline maintenance support including warehousing, supply of components and airplane spare parts to aviation companies in the region.   The two Bahraini finance houses have taken 50% each.

Mumtalakat CEO Talal Al Zain, said:  “Bahrain’s capability as a commercial aviation hub continues to grow and a major facet of the sustainability of this growth is support to, and expansion of, Gulf Technics.  Its components business sets to make Bahrain a major player in the regional market, supporting the businesses of other Mumtalakat portfolio companies including, most directly, Bahrain International Airport.

“BISB and AIB have consistently demonstrated their support to Mumtalakat initiatives to grow the wealth of Bahrain, recognizing where projects offer good return on investment that will also have significant tangible benefits on the Kingdom’s economy.” Speaking at the press conference GT director, Ahmed Al Rayes,, said:   “This is a step forward for the aviation industry in Bahrain.  We would like to thank Bahrain Islamic Bank and Al-Baraka bank for their continued support of GT since the launch of the component service, as they have provided the opportunity for GT’s services to grow into leading world-class standards.”

AIB CEO, Mohamed Al Mutaweh,   said “Al Baraka Islamic Bank’s support for Mumtalakat and its subsidiaries is driven by our commitment to enhancing the strategic alliance with the Investment arm of the Government of Bahrain, and proves again Al Baraka Islamic Bank’s focus on evolving new transactions, that have several positive impacts in all regards, especially to the national economy of the Kingdom of Bahrain, by boosting the market momentum and driving the activities and confidence in our home country,” said Mr. Al Mutaweh

BisB General Manager of Corporate and Institutional Banking, Nader Ibrahim said:   “We are pleased to sign this agreement with Gulf Technics. This infrastructure project comes with the government’s attempts to diversify its sources of income and focus on the aviation industry in line with Bahrain's 2030 Economic Vision. It is our duty to support these efforts, and we are pleased to sign this agreement with Mumtalakat's subsidiary, Gulf Technics.”

GT’s component service currently provides rotables management to Gulf Air’s Airbus fleet, as well as full inventory management support and component repair.