Gulf Air and Standard Chartered Bank (SCB) have signed a syndicated loan agreement for the provision of $65 million.
The amount will finance continued investments as part
of the airline’s three-year restructuring programme and is expected to fund the airline’s fleet, IT infrastructure and its product and service portfolio.
SCB acts as arranger and agent for a consortium of lenders including Ahli United Bank, Al Ahli Bank of Kuwait, Bank Muscat, National Bank of Oman and Standard Chartered Bank.
“Last year, we reduced losses more than 50 per cent. This year’s objective is to break even,” said James Hogan, Gulf Air's president and chief executive. “Achieving sustained corporate change and commercial viability is a complex process which, besides the commitment of likeminded people and organisations, requires significant investment.”
John Iossifidis, regional head, client relationships, wholesale banking at
SCB and signatory to the agreement, said, “The bank is committed to the Middle East region. Gulf Air is an important airline providing vital
support to the economies of Bahrain, Abu Dhabi and Oman.”
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.