Investment Enterprises Ltd launches new low fares airline | Investment Enterprises Ltd launches new low fares airline -
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Investment Enterprises Ltd launches new low fares airline

Saudi Arabia: Monday, December 26 - 2005 @ 16:58

HRH Prince Bandar said,

“Our preparations for operational launch are proceeding extremely well, and a contract has been signed with Mango Aviation Partners, a firm that specialises in the set up and management of low fare airline operations, as a consultant to conduct economic and technical consumer research to establish the company. Investment Enterprises are being advised by Al-Khabeer Financial Advisors and the Law Firm of Mohammed Al-Sheikh”.

HRH added, “The consultation company carried out extensive consumer research that has shown wide public support for the launch of a new airline alongside Saudi Arabian Airlines and the venture has attracted a high level of interest.”.

HRH Prince Bandar clarified, “Our preparations for the establishment and operational launch of the company were subject to meeting the specific regulatory approval requirements of KSA, and international safety criteria, and we are planning to commence services in summer of 2006”.

The launch of the company was made possible by the government of the Custodian of the Two Holy Mosques King Abdullah Bin AbdulAziz and his Royal Highness the Crown-Prince, Prince Sultan Bin AbdulAziz, which has approved private sector investment in air transport.

HRH Prince Bandar said, “We are very confident of the new company’s success, and its establishment has been widely welcomed by a number of elite Saudi investors whom we offered strategic partnership in the project. All expectations indicate that airline services in the Kingdom and the region are designated to continue on hitting record breaking growth percentages, which in turn is confirmed by the incline in numbers of the air travel movement throughout the past years, and the rapid growth of the Saudi economy, during the revival of the oil market, and the increase in the role of non-oil sectors in strengthening the economic growth in the country”.

HRH pointed out that the new economic airline company will be a valuable addition to the private sector efforts in supporting growth in the Kingdom. Besides providing excellent airline services of lower fares, it meets the needs of a wide proportion of the people whether in the Kingdom or other destinations within the airline’s network. A significant number of new job opportunities will be created in Saudi Arabia by the launch of the airline.

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Monday, December 26- 2005 @ 16:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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