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28 February 2024

Mashreq lends $80m to Gulf Air

Mashreq & Gulf Air officials. (SUPPLIED)

By Staff

Mashreq Bahrain and Bahrain’s national carrier Gulf Air have announced the signing of a financial facility of $80 million for the airline.

The facility is set to assist Gulf Air to meet its medium-term working capital requirements, Mashreq said in a statement.

“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,” said Samer Majali, CEO of Gulf Air.

“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,” said John Iossifidis, Head of International Banking Group, Mashreq said.

“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 BHD 200 million,” he added.