Gulf Helicopter secures $30M loan facility

Gulf Helicopter secures $30M loan facility

29-Nov-2010 Source:

Gulf Helicopters, an associate company of Qatar Exchange-listed Gulf International Services “GIS”, has secured a loan of 109 million Riyals from Union National Bank Qatar. This is equivalent of around 30 million US Dollars. The loan comes with a flexible facility to fund the company’s ongoing development. HE Abdullah bin Hamad al-Attiyah, Deputy Premier and chairman of Gulf Helicopters’ parent company GIS said that the helicopter operator’s future strategy is built on four considerations

– expanding current service offering
– modernisation of the local fleet
– strengthening and expanding international services
– providing new, innovative related service,

Mr. Ala’ AbuMughli, Senior Vice President and Country Head of Union Nation Bank added “This is our first financing to Gulf Helicopters Company and we hope to develop our relationship further with the company in the future.”, adding that their support of the helicopter operator reflected the bank’s confidence in the company’s business model and further indicates the trust that the bank has in the Qatari economy.

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