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Badr...Gama Aviation’s growth potential is unbounded

UAE group to convert Gama Aviation stake post merger

ABU DHABI, December 9, 2014

UAE-based Crescent Enterprises has announced that it will convert its equity stake in Gama Aviation, a global business aviation services organisation, into shares in Gama Aviation Plc - the company formed by the recent merger between Gama aviation and Hangar 8.

Subject to completion in early January, the enlarged public entity will list with an expected market capitalisation of £130 million ($200 million) on the London Stock.

The deal comes ahead of a period of rapid anticipated growth in the global and regional business aviation sector. Honeywell Aerospace’s 2014 Global Business Aviation Forecast predicts an average annual growth globally of 4 per cent over the next 10 years with up to 9,450 new business jets worth $280 billion expected to be delivered up to 2024.

The Middle East Business Aviation Association (MEBAA) forecasts the value of the business aviation industry in the region will reach $1.3 billion by 2020, up more than 150 per cent from current levels.

Crescent Enterprises has been involved with the aviation group since 2006, when Gama Aviation started managing the corporate jets of the Crescent Group. In December 2007, Crescent Investments, the investment division of Crescent Enterprises, invested in Gama Aviation alongside Private Equity partners, Growthgate Capital, and a private investor’s group.

Badr Jafar, CEO of Crescent Enterprises, said: “We are proud to have been part of Gama Aviation’s remarkable journey over the past seven years as the company has grown into one of the world’s most successful and respected private aviation operators. As we have seen first-hand in the Middle East, Gama Aviation’s growth potential is unbounded and its merger with Hangar 8 Plc will create the ideal platform for continued future success.”

Marwan Khalek, CEO of Gama Aviation, said: “Crescent Enterprises has been an invaluable strategic partner for nearly a decade and has helped Gama Aviation achieve a market leadership position in the Gulf, including its support of the recent opening of our world-class private aviation hub in Sharjah. On behalf of the board of Gama Aviation, I would like to thank all of our loyal shareholders and wish them continued success as shareholders of Gama Aviation Plc.” – TradeArabia News Service




Tags: UAE | Crescent |

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