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Bahrain Air signs $450m deal

Manama, August 25, 2008

Bahrain Air said on Sunday it has signed a $450 million (BD170 million) agreement to buy six Airbus A320s.

The six aircraft will be delivered within three years as specified in the initial deal.

Bahrain Air managing director Ibrahim Al Hamer said the deal was the culmination of a six-month negotiation process.

He also revealed that the company's declared capital base would increase from BD10 to BD20 million to finance part of the deal.

Negotiations are also underway with local banks to cover the bulk of the contract.

'An agreement is expected to be inked within a month and a half from now,' Al Hamer announced in a Press conference at Movempick Hotel in Muharraq.

He also unveiled plans to lease an aircraft in November to join two existing planes.

Two other leased jets are also expected to be operated in February and April 2009 respectively.

Bahrain intends to double its destinations to 20 from an existing 10 in the Middle East and India.

Bahrain Air, the first national low-cost company, has so far reported 252,000 passengers in six months. - TradeArabia News Service




Tags: Airbus A320 | low-cost airline | Bahrain Air |

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