Bahrain-based BMI Bank has signed on as the exclusive financial advisor and arranger by Bahrain Air, the first privately owned national carrier of Bahrain for the airline’s proposed capital increase.

The agreement was signed by Bahrain Air’s chairman Shaikh Mohammed bin Abdulla Al Khalifa and BMI Bank’s chief executive officer, Jamal Al Hazeem at the bank’s corporate headquarters at the Bahrain World Trade Center.

Initiated by the airline’s board of directors, the capital increase will be used to fund the airlines future growth in line with its approved expansion strategy which aims to rapidly boost its operations within the region through an enhanced network with better flight frequency.

Jamal Al-Hazeem chief executive officer of BMI Bank said: “The Bahraini aviation industry continues to account as a significant driver of our economy and through its air transportation services to various destinations both within the region and worldwide, directly contributes to the economic well-being of those countries as well.”

“Bahrain Air, a relatively young airline, today plays a major role in linking our country with major cities within the region and has been growing from strength to strength over the years.

“As an innovative young Bahraini Bank, we believe it is our responsibility to be able to provide such enterprises with the right financial advice and solutions that consequently lead to a positive impact on our economy as a whole,” he added.

“We are therefore pleased with our appointment as Bahrain Air’s financial advisor on its proposed capital increase which gives us an opportunity to showcase our unique Investment Banking expertise and assist them in achieving their key financial goals as well as expansion and growth objectives,” Al-Hazeem continued.

“At BMI Bank, we constantly strive to deliver a wide range of unique financial solutions and services to our customers and look forward to strengthening this partnership with Bahrain Air over the near future yielding positive results to both our customers as well as stakeholders.”

Al Khalifa said: "We are glad to be in collaboration with a renowned institution like BMI Bank and to appoint them as our financial advisers. Both organizations are well known for the high quality of their service.

“I hope this mutual agreement between Bahrain Air and BMI Bank will help us achieve a positive spiral of improved finances leading to ever higher standards of service leading to further improved finances.”

Richard Nuttall, chief executive officer of Bahrain Air said: “The airline industry is a challenging one globally. In the Gulf region where many airlines are owned by governments with deep pockets, it is especially competitive.”

“In order for us to maintain our position as an innovative and dynamic airline, it is important that we have the proper financial resources and strong partners going forward.  We are proud to engage with BMI Bank as our financial advisers. We are both young companies and share a common vision of sustainable growth.” – TradeArabia News Service