IBQ Extends US$43.5 Million Term Loan Facility to Gulf Helicopters Co.

Doha, June 28 (QNA) - International Bank of Qatar (IBQ) announced on Tuesday 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, a statement released here today said.
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.
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 for its services.
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.
IBQ provides tailor-made financing solutions to the leading commercial companies based in the country. (QNA)