MANAMA, Bahrain, January 19, 2012 /PRNewswire/ --
The Bahrain Economic Development Board (EDB) is pleased to announce that AeroThrust Holdings LLC, USA has formally concluded a joint venture agreement with Bahraini partners to establish AeroThrust Gulf Aviation Services W.L.L in Bahrain. This follows a proactive outreach and consultation process by the EDB to support the decision to invest in Bahrain, as well as continuing support around the registration process. The announcement was made today at the second Bahrain International Airshow, and the Bahrain Civil Aviation Authority (BCAA) has also declared its support for the venture.
This joint venture is expected to leverage AeroThrust Holdings LLC, technical expertise in the aircraft engine MRO services sector. The company will provide full range of aircraft engine MRO services for the Pratt & Whitney JT8 and CFM International's CFM 56 series of engines.
The facility along with the test cell is expected to cover 94,000 Sqft. It will be completely dust free and incorporate the latest climate control technologies, tools and machinery.
AeroThrust Gulf Aviation Services W.L.L is expected to invest around USD 20 million over the next 3 years in its facility at Bahrain.
Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the EDB, expressed his pleasure at AeroThrust Holdings LLC decision to make Bahrain their home in the Middle East. "Bahrain has a proud heritage in the aviation sector and offers a strong location and infrastructure from which to do business across the Gulf region. We have worked closely with AeroThrust Holdings LLC to provide them with all the necessary support and this investment is a demonstration of the benefits of locating in Bahrain. Going forward, we are keen to continue to work together as they build, staff and grow their operations in the Kingdom."
Mr. Mario Abad, Principal and Owner of AeroThrust Holdings LLC, is excited about this facility. "We considered a number of countries in the Middle East to establish an aircraft engine shop, ultimately, we chose Bahrain for its strategic location, excellent support from the EDB and most importantly for the vision demonstrated by the Government of Bahrain to develop the aviation and aerospace sector. The facilities in Bahrain will be on par with our Miami operations and will include Non-destructive Testing (NDT), Test Cell and Plating Operations."
Mr. Vijay Arumbakkam, Chairman, AeroThrust Gulf W.L.L, said that they are keen to service the engine MRO market in the Middle East, Africa and the Indian Sub Continent. "There are only a few established aircraft engine service providers in the Middle East and there is significant potential to assist and provide incremental value to airline operators that currently use either Europe or North America as their base for MRO services - in essence we are bringing a significant portion of the MRO services to their doorstep here from Bahrain."
Mr. Khalifa Alsada, CEO, AeroThrust Gulf W.L.L, is proud that Bahrain will have state of art engine MRO Facility. "We see this as a great opportunity for Bahrain to expand its presence in the aviation sector. We thank HRH King Hamad Bin Isa Al Khalifa for his relentless spirit and guidance to establish Bahrain as a leading investment destination in the Middle East, the EDB for their outstanding implementation support and the Bahrain Civil Aviation Authority for their timely assistance with respect to all certification and regulatory approvals."
Mr Ayman Obaidli, Board Member, AeroThrust Gulf W.L.L, is pleased that this joint venture provides an opportunity to train Bahrainis and help them acquire core technical skills in the MRO sector. He further added: "It is our long term vision to achieve a high level of indigenization and contribute to the development of the local work force."
Notes to editors
About AeroThrust Holdings LLC
AeroThrust Holdings LLC is a leading provider of aircraft engine MRO services. The Company is one of the largest independent aircraft engine MRO providers headquartered in, Miami, USA. AeroThrust has serviced over 9,000 engines over its 60+ year history and enjoys an excellent track record marked by quality, flexibility and reliability.
The Company services two series of aircraft engines, Pratt & Whitney's JT8 and CFM International's ("CFMI") CFM56, a 50/50 joint venture company of Snecma (SAFRAN Group) and General Electric ("GE").
AeroThrust provides a broad range of engine MRO services including end-of-lease inspections; engine parts repair and overhaul, and complete engine repair and overhaul.
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics, and education and training.
SOURCE The Bahrain Economic Development Board (EDB)