Duty free shopping: GFG, BDFS form JV
Manama : Gulf Air Group Holding (GFG) and Bahrain Duty-Free Shop Complex (BDFS) have formed a new joint venture company ‘Bahrain Duty-Free Company (BDFC)’ to act as the core duty-free shopping provider at the new terminal of Bahrain Airport Company (BAC).
The agreement, signed by GFG Chairman, Minister of Transportation and Telecommunications, Kamal Ahmed and BDFS Chairman, Farouk Almoayyed, will give BDFS’s a 55 per cent stake in the airport’s core duty-free business, with GFG holding 45pc.
Speaking on the occasion, Kamal Ahmed said: “By increasing our investment in BIA’s duty-free offerings, we are not only supporting local businesses, but also ensuring that the aviation sector becomes a catalyst for further growth in commerce and retail. We are confident that passengers travelling through the New Terminal will discover a truly transformed retail experience.”
As the operator and managing body of the airport, BAC, represented by its CEO, Mohamed Yousif Al Binfalah, signed a 15-year concession with the newly established BDFC. The General Manager of Bahrain Duty-Free Shop Complex Bassam Al Wardi signed the deal on behalf of BDFC.
Bahrain Duty-Free Company will invest in approximately 3,300 square meters of shopping space in both the Departures and Arrivals areas of the New Terminal being built as part of the $1.1 billion Airport Modernisation Programme (AMP).
Almoayyed said: “We truly believe that our 27 years of expertise in this area will help us ensure that we continue to deliver a first class shopping experience to every passenger travelling through the new passenger terminal.”
The signing ceremony was also attended by other board members of GFG and BDFS and members of the BAC and BDFS management teams.
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