A330 simulator lands in Bahrain
Gulf Aviation Academy (GAA) has signed a US$13.3 million operating lease agreement with Tadhamon Capital to acquire a A330 full flight simulator.
The signing ceremony took place at GAA’s facility in Muharraq where both Eng. Mahmood Al Balooshi, Chief Executive Officer, and Mr. Moath Al Shaikh, Head of Finance and Accounts represented GAA, while the Tadhamon Capital was represented by Mr. Waleed Abdulla Rashdan, Chief Executive Officer, Mr. Ahmed Hatam Sultan, Executive Director Treasury and Capital Markets, Mr. Ahmed Foaud Darwish, Director of Financial Control and Mr. Maisarh Yaseen, Principal Treasury and Capital Markets.
The agreement is part of the “Tadhamon Aviation Equipment Fund” that was recently launched by Tadhamon Capital and is the company’s first Shari’ah compliant aviation fund established in the Kingdom of Bahrain. The fund has purchased an A330 full flight simulator and signed a five year operating lease agreement with GAA.
Eng. Mahmood Al Balooshi, Chief Executive Officer of GAA said, “We are very pleased to be partnering with Tadhamon Capital in such a key financial structure which the GAA is looking forward to improve in the future to assess the growth plans of the Academy”
“With the arrival of the new A330 FFS, the capacity of GAA’s full flight simulators will increase to five, which will enhance the Academy’s pilot training operations”
“GAA aims to provide top quality, end-to-end aviation training solutions to commercial airlines in the Middle East and North Africa region, and will continue to make investments that meet the growing regional demand for pilot training as well as create job opportunities and financial growth in Bahrain.”
Mr. Waleed Abdulla Rashdan, CEO of Tadhamon Capital, said: “The deal we have concluded is emblematic of the huge stride Tadhamon Capital has taken over the past few months and it marks the successful conclusion of the first Shari’ah Compliant Aviation fund established in the Kingdom of Bahrain . Today, we are delighted to be working closely with Gulf Aviation Academy in a step towards achieving both parties’ visions.
"Moreover, programs such as these will also increase demand for skilled Bahraini manpower in this particular sector and play a significant role in boosting the country’s economic growth under these challenging market conditions”