Gulf Air wins AFJ Global Award

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Gulf Air, the national carrier of Bahrain, working in collaboration with Castlelake, a global alternative investment firm with approximately 18 years of experience investing in, financing and managing aviation assets, was presented with the Innovative Deal of the Year award at the Air Finance Journal Global Awards.

One of the most prestigious events in the aviation industry, the annual awards honor outstanding global achievements in aviation finance, including aircraft leasing, financing, and investment. The accolades receive wide attention from industry leaders, investors, and key officials in the aviation industry.

Gulf Air and Castlelake have achieved another significant milestone in aviation finance as they secured a deal to finance the purchase of 10 Airbus A321neo aircraft through Pre-Delivery Payment (PDP) financing.

This latest accomplishment adds to the string of successful strategic initiatives undertaken by the two companies, Zayed Alzayani, Chairman of Gulf Air Group Holding (GFG) and Adnan Hashim Chief Financial Officer (CFO), received the award at a ceremony held in London.

"This global award reflects GFG’s success in enhancing the aviation sector’s contributions to economic development, in line with the vision and directives of His Majesty King Hamad bin Isa Al Khalifa, and the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister which leads to achieving the aspiration of HM," Zayed Alzayani, GFG Chairman said. 

He added, "The partnership between Gulf Air and Castlelake represents an innovative financing model that aligns with the aviation sector's infrastructure development plans and enhances Gulf Air's standing and performance as reflected in its service levels and achievement of strategic goals."

The Chairman praised the contributions of the airline’s executive management to the deal’s execution, expressing an eagerness to see the partnership further strengthened as Gulf Air continues to update its fleet, improve passenger services, and increase fuel efficiency.

Chris Buckley, Castlelake Partner and Aviation Chief Marketing Officer said, "We believe our integrated PDP and lease financing solutions, aimed at meeting our partners’ needs, demonstrates Castlelake's ability to provide customized financing solutions to aircraft operators and asset owners worldwide."

He added, "We look forward to building a long-term partnership with Gulf Air and supporting its commitment to modernizing and increasing the efficiency of its aviation infrastructure as part of its national economic development strategy."