(MENAFN - Arab News) The International bank of Qatar (IBQ) yesterday announced that it has extended a QR158.8m (43.5m) term loan facility to Gulf Helicopters Company (GHC). IBQ is the sole provider of the term loan financing to Doha-based GHC for this transaction, which will support the growth and diversification of one of the region's leading helicopter operators.
The term loan from IBQ will support the future growth plans of GHC, which include expanding its fleet to over 70 helicopters in the next decade to meet increasing demand. Additionally, GHC will continue to further diversify its operations into emergency medical services, firefighting, aerial photography, and VVIP and executive transport.
The announcement was made following the signing of the deal yesterday in Doha by Mohammed Al Mohannadi, Chief Executive Officer of GHC, which is a wholly owned subsidiary of Gulf International Services and George Nasra, Managing Director of IBQ.
"We are pleased to announce this new partnership with IBQ, which will support our ongoing expansion plans," said Al Mohannadi.
"IBQ has been able to provide us with highly competitive financing terms that are characterised by flexibility and speed, reflecting the solid performance of our business.
"Established here in Qatar more than four decades ago, Gulf Helicopters is now a leader in its field in the region," he added. "We look forward to further consolidating our success in the years to come."