Bahrain National Holding, the parent company of Bahrain National Insurance (BNI), and Ultra Tune Australia have formed a 50-50 joint venture Ultra Tune Middle East.

Ultra Tune is a car service franchise established in Australia in 1979.

The Middle East joint venture will cater not only to Bahrain's automobile market, but also the GCC.

Ultra Tune Middle East's services comprise road assist and smash repairs and the company plans to set up and run its operations first in Bahrain and further expand to the GCC and Mena region at a later stage.

'This strategic venture will strengthen BNH's regional and international network, which is in line with our set business plans of horizontal and vertical expansion,' said BNH chief executive and chairman of the joint venture Mahmood Al Soufi.

'The combination of BNI's vast experience in the insurance field alongside Ultra Tune's expertise in roadside assistance and smash repair services will provide the market with unique solutions and international quality standards.'

Ultra Tune Australia and Ultra Tune Middle East vice-chairman Sean Buckley said this partnership will provide a new level of innovative solutions for the region and a new level of international co-operation given BNI's leading position in Bahrain market and their extensive insurance database combined with Ultra Tune's long term experience in Australia.

'It will also allow us to introduce a new variety of services in this region, he said.-TradeArabia News Service