Gulf Aviation Academy, Tadhamon Capital ink US$13.3 million agreement
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Gulf Aviation Academy (GAA) recently inked a US$13.3 million Operating Lease Agreement with Tadhamon Capital for the new A330 full flight simulator. The signing ceremony took place at GAA’s facility in Muharraq.
The agreement is part of the ‘Tadhamon Aviation Equipment Fund’ that was recently launched by Tadhamon Capital and is the Company’s first Shari’ah compliant aviation fund established in the Kingdom of Bahrain. The fund has purchased an A330 full flight simulator and secured a five year operating lease agreement with GAA.
Eng Mahmood Al Balooshi, chief executive officer of GAA said: “With the arrival of the new A330 FFS, the capacity of GAA’s full flight simulators will increase to five, which will enhance the Academy’s pilot training operations. We aim to provide top quality, end-to-end aviation training solutions to commercial airlines in the Middle East and North Africa region, and will continue to make investments that meet the growing regional demand for pilot training as well as create job opportunities and financial growth in Bahrain.”
The CAE A330 FFS will be delivered in mid-2012 to GAA’s Simulator Centre, which currently includes two CAE 5000 Series A320 FFS, an A330/A340 FFS and an Embraer 170/190 FFS. The new A330 Simulator will incorporate a CAE TroposTM-6000 visual system and is scheduled to be fully operational by the end of August 2012.