BMI Bank signs key Bahrain Air accord

MANAMA: BMI Bank has signed on as the exclusive financial adviser and arranger for Bahrain Air for the airline’s proposed capital increase.

The agreement was signed by Bahrain Air chairman Shaikh Mohammed bin Abdulla Al Khalifa and BMI Bank chief executive Jamal Al Hazeem.

“The Bahraini aviation industry continues to account as a significant driver of our economy and through its air transportation services to various destinations both within the region and worldwide, directly contributes to the economic well-being of those countries as well,” Mr Al Hazeem said.

“Bahrain Air, a relatively young airline, plays a major role in linking our country with major cities within the region and has been growing from strength to strength over the years.

“As an innovative young Bahraini bank, we believe it is our responsibility to be able to provide such enterprises with the right financial advice and solutions that consequently lead to a positive impact on our economy as a whole,” he said.

“At BMI Bank, we constantly strive to deliver a wide range of unique financial solutions and services to our customers and look forward to strengthening this partnership with Bahrain Air over the near future yielding positive results to both our customers as well as stakeholders,” he added.

“We are glad to be in collaboration with a renowned institution like BMI Bank and to appoint them as our financial advisers,” said Shaikh Mohammed.

“Bahrain Air is a private national airline of Bahrain. Both organisations are well known for the high quality of their service.

“I hope this mutual agreement between Bahrain Air and BMI Bank will help us achieve a positive spiral of improved finances leading to ever higher standards of service and improved finances,” he added.

“The airline industry is a challenging one globally,” Bahrain chief executive Richard Nuttall said.

“In the Gulf region where many airlines are owned by governments with deep pockets, it is especially competitive.

‘In order for us to maintain our position as an innovative and dynamic airline, it is important that we have the proper financial resources and strong partners going forward,” he said.

“We are proud to engage with BMI Bank as our financial advisers. We both are young companies and share a common vision of sustainable growth,” he added.