Peter Hill, Chief Executive Officer at Oman Air, said: "Oman Air is pleased to award this deal to BankDhofar, and will continue to invite local banks to participate in similar opportunities in future."
Japeen Shah, Chief Financial Officer at Oman Air, added: "Oman Air invited all local banks to bid for this financing arrangement and BankDhofar was selected as it (has) offered most cost effective solution. This is the second time a local bank has participated in aircraft financing for Oman Air. The airline has plans to acquire more aircraft in the near future and will once again approach local banks to finance the purchase of these aircraft. We will also seek financing from the banks for Oman Air's infrastructure requirements."
Oman Air has witnessed rapid growth in recent years. In addition to expanding its network of exciting global destinations, the airline has increased the size of its fleet to include seven Airbus A330s, as well as the new Embraer aircraft. In addition, Oman Air has six Boeing 787 Dreamliners on order for delivery as from 2015.
The expansion of Oman Air's fleet and network, together with its focus on delivering the highest levels of quality and value, have seen the airline carry more passengers than ever before, as well as increase its revenues significantly. In 2010, Oman Air carried 3.3 million passengers - up 38% on the previous year - and recorded a 40% increase in turnover.
BankDhofar is highly rated by international experts and is one of the fastest=growing banks in the Sultanate of Oman. With RO1.7bn of total assets, a strong presence in the corporate and consumer banking sectors, as well as treasury and project finance, BankDhofar has a reputation for commitment, foresight and solid growth.
Commenting on the financing arrangement with Oman Air, Mohammed Redha A Jawad, Acting CEO, Bank Dhofar, said: "BankDhofar has great experience of syndicating or solely funding large ticket loans at competitive terms and structuring them to suit the needs of the corporate clients. The deal with Oman Air is an excellent example of how our Corporate Banking and Project Finance teams develop outstanding working relationships and structure tailor made solutions which meet the needs of our clients and support the growth of the corporate sector in Oman."
About Oman AirOman Air is the flagship carrier of the Sultanate of Oman and an Official 4 Star Airline (Skytrax 2011). Founded in 1993, the airline has since witnessed massive growth and has played a major role in making Muscat an important traffic hub in the Middle East, supporting the commercial, industrial and tourism sectors.
The airline currently operates direct international flights from Muscat to Gulf destinations, such as Abu Dhabi, Bahrain, Doha, Dubai, Jeddah, Riyadh, Dammam, Kuwait and Al Ain, as well as Cairo, Beirut and Amman within the wider Middle East region. Oman Air also flies to the domestic destinations of Khasab and Salalah.
In addition, Oman Air flies to ten destinations in India (Mumbai, Chennai, Kochi, Thiruvananthapuram, Hyderabad, Delhi, Lucknow, Bangalore, Kozhikode and Jaipur), Chittagong in Bangladesh, Karachi, Islamabad and Lahore in Pakistan, Kathmandu in Nepal and Colombo in Sri Lanka. Furthermore, Oman Air flies to the Maldives, Bangkok in Thailand and Kuala Lumpur in Malaysia and operates services to Zanzibar and Dar Es Salaam in Tanzania.
Its European destinations are London, Milan, Munich, Frankfurt and Paris. The winter schedule 2011 will see Oman Air add two more new destinations to its expanding network, namely, Moscow and Zurich.
Codeshare partnerships with Malaysia Airlines and bmi extend Oman Air's network to include Hong Kong, Singapore, Kota Kinabalu, Langkawi and Penang, as well as Manchester, Belfast, Edinburgh and Aberdeen in the UK.
Oman Air's fleet currently consists of four Airbus A330-200s, three Airbus A330-300s, 15 Boeing 737-700s/800s, two Embraer E175s and two ATR 42s. Three further Embraer E175s are on order, with an option on a further five, and six Boeing 787 Dreamliners are on order for delivery from 2015.
Oman Air's outstanding aircraft interiors include its First Class Mini Suite, which provides each of the six First Class passengers with direct aisle access and converts to the longest lie-flat seat in the skies. The A330's 20 award-winning Business Class seats each provide direct aisle access, ample storage space and the latest technological amenities. Economy Class seats offer adjustable head and leg rests, together with surprising amounts of leg and elbow room. A state of the art in-flight entertainment system features individual seatback screens, audio and video on demand and live satellite TV. In addition, Oman Air has pioneered both mobile telephony and Internet connectivity on board its flights and this is available in all three classes.
Superb new First and Business Class lounges have been opened at Muscat International Airport, featuring elegant and tranquil relaxation areas, complimentary spa treatments and ? la carte dining. A lounge-to-aircraft limousine service has also been launched for First Class passengers at Muscat.
Oman Air's commitment to quality, comfort and a seamless passenger experience has resulted in international acclaim, including: Best Business Class Seat in the World and Service Excellence, Middle East (World Airline Awards 2011); Best Luxury Airline, Middle East (Business Destinations Awards 2011); Technological Innovation of the Year (Aviation Business Awards 2010); as well recognition in the TravelPlus Amenity Bag Awards 2010 (three Gold, one Silver), the Cellars in the Sky Awards 2010 (Silver), the KLIA Awards 2011, the 2009 Vision Awards (one Silver, one Bronze) and the Travel Industry Club Awards 2010 (Silver).
About BankDhofar
BankDhofar has been ranked as: No.1 in 2010 and 2011 by the Oman Economic Review, Business Today; Best Bank in Oman by Euro Money; Top Performing Company by Alam Aliktissad Wala'mal.
With total assets worth RO1.7bn, BankDhofar is one of the fastest growing Banks in the Sultanate of Oman, and it has a strong presence in Corporate Banking, Consumer Banking, Treasury and Project Finance. The branch network has reached 59, with an extensive ATM network spanning the country. BankDhofar has a reputation for commitment, foresight and solid growth.
Posted by Nadeen El AjouSaturday, September 24 - 2011 at 15:15 UAE local time (GMT+4)
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