IBQ announces QAR 158.8 million term loan facility for Gulf Helicopters Company

IBQ announced today that it has extended a QAR 158.8 million (US$43.5 million) 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.

This announcement was made following a signing ceremony today in Doha attended 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.

Established in Qatar in 1970, GHC currently operates a fleet of 29 state-of–the-art helicopters, providing a range of helicopter transportation services to the oil and gas sector for both onshore and offshore operations. The company recently diversified its operations to include both emergency and domestic flight services.

GHC also operates its own in-house maintenance facility staffed by a team of highly qualified and experienced engineers, and is now positioned to become a regional service centre for major helicopter manufacturers, including, among others, AgustaWestland, MD, Bell, Sikorsky and Eurocopter.

Gulf Helicopters Company is the first commercial Helicopter Operator to commission its own Agusta Westland AW139 Full Motion Flight Simulator. This Training Device, incorporating the latest technical advancements in Flight Simulation, and “State of the Art” Graphic Displays, was officially certified by the United Kingdom Civil Aviation Authority as a Full Flight simulator (FFS) as per JAR-FSTD H to Level B.

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.

“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.”

“Today’s announcement demonstrates that IBQ is committed to supporting Qatari companies with commercially compelling long-term expansion and development plans,” said Nasra. “We are proud to be associated with Gulf Helicopters, which is of strategic importance to Qatar and plays an increasingly significant role in the aviation sector, both domestically and across the wider region.

“Backed by a strong management team and with a clear focus on innovation, Gulf Helicopters is now even more strongly positioned to achieve the next phase in its organic growth,” he concluded.

With one of the longest operational track record Qatar, IBQ has distinguished itself by providing tailor-made financing solutions to the leading commercial companies based in the country. IBQ was named the “Fastest Moving Bank in the Middle East” by The Banker Magazine in 2009.