The multi-million dollar deal has been made in partnership with First Gulf Bank (FGB) which has financed the purchase of the aircraft. This is the second such financing deal that Royal Jet has made with FGB.
At the contract signing ceremony, which was attended by Royal Jet’s President and CEO Shane O’Hare and Andre Sayegh, CEO, First Gulf Bank, O’Hare said that this latest purchase is a direct response to massive demand for the current fleet of Royal Jet’s BBJs.
“Each of our BBJs is typically flying around 1,300 hours each year. They are based all over the world, not limiting themselves purely to local markets. They can be found in Africa, China, India, North America and Europe and are a highly popular and cost effective choice for businesses not wishing to be tied down by restricted flight times offered by commercial airline companies.”
In addition to the two CEOs, the signing ceremony was attended by Mr. Nadir Ahmed Al Hamadi – a Royal Jet Board Member, and Mr. Ramzi Zaroubi – Royal Jet’s Chief Finance Officer, together with Mr. Shafiqur Rahman Adhami – FGB’s Senior Vice President Corporate Banking Group, Head of Financial Institutions, Syndications, MNC and Energy and Oil Sector.
Royal Jet CEO Shane O’Hare added, that FGB had been chosen as the preferred business partner because it was the most competitive in terms of pricing and flexibility and its fast turnaround of loan documentation. FGB had been selected out of five competing proposals. “Royal Jet has a long-standing relationship with First Gulf Bank, and together offer financing and operations solutions allowing corporations and individuals to acquire their own business/private aircraft.”
Commenting on the deal, Andre Sayegh, CEO, First Gulf Bank, said that the institution viewed Royal Jet as one of its premier customers and was very pleased to have been selected once again as Royal Jet’s partner of choice.
“First Gulf Bank continues to take impressive strides to ensure its status as a fully-fledged financial institution. This growth is buoyed by our commitment to expanding our offerings, delivering world-class financial services and products, and developing new client investment opportunities. As a leader in its field, Royal Jet fits this strategy and our partnership is one that brings great benefits to both parties,”
Widely regarded as pioneering business aviation within the UAE in 2003, Royal Jet has steadily built up an enviable fleet, which, in the past year, has grown from eight to 12 fixed wing aircraft and a VIP helicopter.
The BBJ is a derivative of Boeing’s highly popular New-Generation 737-700 series of commercial passenger aircraft. It can be arranged in multiple configurations to carry between 36 and 52 passengers, including the option of having a private bedroom aboard, a conference/dining area, and a living area in the most common layouts. It has a maximum range of 5,500 nautical miles – equivalent to about 10 hours flying time – at altitudes of up to 41,000 ft (12,500m).
“We are constantly striving to increase our presence in important international markets and we always assess industry movements to keep up with the increasing demand for aviation services,” said Ramzi Zaroubi, CFO, Royal Jet. “Last year alone, Royal Jet reported a 60 percent increase in charter services revenue, and with our expanding fleet, we are well placed to capitalise on the ever-growing demand for private aviation services.
“This BBJ addition will be subject to high demand like all its earlier companion aircraft and will allow us to successfully grow out business regionally and internationally.”
Monday, August 13- 2007 @ 17:08 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.