Bahrain Mumtalakat Holding Company has welcomed the launch of the Gulf Technics' Components Centre, which offers airline maintenance support including warehousing, supply of components and airplane spare parts.

The launch follows the commencement of the first stage of its business strategy, an airline components support programme.

The new centre will play a significant role in the expansion of operations and services at the Bahrain International Airport and it is expected to become a regional player in terms of component supply and a significant contributor to Bahrain's economy.

Mumtalakat's investment in this programme is expected to create more than 150 new, highly-skilled jobs in Bahrain as well as bringing greater opportunities to the Bahrain Airport Company, as it seeks to develop the Bahrain International Airport's capability as an airline maintenance hub.

This programme will also help reduce Gulf Air's maintenance costs by approximately $50 million over the next five years.

'The new centre is an illustration of Mumtalakat's strategy to grow the wealth of Bahrain,' Mumtalakat chief executive Talal Alzain said.

'The establishment of Gulf Technics and the investment in this maintenance programme will create more jobs in Bahrain, not only the 150 for this project, but throughout the supply chain too, as this is part of the wider plan to develop Bahrain's airline maintenance capability.

'Additionally, it will also have direct, tangible benefits for two more of our portfolio companies: Gulf Air and the Bahrain Airport Company, helping them reduce costs and attract business.'

The new Gulf Technics Components Centre will provide aircraft warehousing and logistics services. Its programme of work will have four phases: initially it will focus on the Gulf Air fleets at the Bahrain International Airport logistics centre with the servicing of other airlines following soon after. In time a larger logistics centre will be constructed at Hidd along with new component repair workshops.

'The new components centre paves the way for Gulf Technics to enter into components repair and, ultimately, components manufacturing, which will strengthen Bahrain's position in the global aviation industry. In short, it is very good news for Bahrain's economy, now and in the future,' Alzain said.

Earlier this month, Gulf Technics, fully owned by Mumtalakat, took over all components support for Gulf Air from German firm Lufthansa Technik in a seamless transition.

'Our team has hit the ground running,' Gulf Technics director Ahmed Al Rayes said.

'Given exactly one month to assemble all parts, build the team and all the necessary systems and infrastructure, we worked tirelessly to successfully ensure a smooth transition.

'We have now created a strong platform for growth with significant opportunities identified to expand the business and with a clear plan in place to deliver on them.'

Mumtalakat was established in 2006 as the holding company for the state's non-oil and gas commercial assets and forms a central plank of the kingdom's National Economic Strategy, which seeks to diversify the economy away from oil and gas. Its stated aim is to grow the wealth of Bahrain.-TradeArabia News Service