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Mashreq Bahrain & Gulf Air sign a financial facility deal for USD80 million

Manama, Bahrain - 12^th February 2012: Mashreq Bahrain, a leading financial institution, and Bahrain's national carrier Gulf Air announced the signing of a financial facility of US$80 million for the airline.

This facility is testament of Mashreq's commitment towards the Bahraini airline industry and supporting the national carrier of the Kingdom. The facility is set to assist Gulf Air to meet its medium-term working capital requirements.

The signing ceremony, which was held at Gulf Air 's Headquarters, was signed between Samer Majali, Chief Executive Office of Gulf Air and John Iossifidis, Head of International Banking Group, Mashreq.

Samer Majali, Chief Executive Officer of Gulf Air said, " Gulf Air is focused on ensuring a sustainable and financially viable future, and we thank Mashreq Bahrain for leading this facility, reflecting a commitment to a long-term strategic partnership which we look forward to building upon."

John Iossifidis, Head of International Banking Group, Mashreq said, "This transaction clearly reflects Mashreq's continuing support to the Kingdom of Bahrain and its growth, as well as supporting the national carrier Gulf Air . Mashreq Bahrain has made great inroads into the corporate arena in Bahrain since the inception of its corporate banking business. In short time, we have established relationships with over 20 large Bahraini organizations with commitment and credit lines of over BHD 200 million."

Mashreq Bahrain offers a wide range of corporate banking solutions to Bahraini clients ranging from simple trade and working capital to treasury and capital market products. Large corporate entities are also offered with sophisticated solutions for taping debt and capital markets.

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About Gulf Air
Founded in 1950, Gulf Air is the proud national carrier of the Kingdom of Bahrain. As a pioneering airline in the Middle East region with over sixty years of experience and expertise in flying people across continents, Gulf Air is today one of the most powerful brands and a name to reckon with in the global aviation industry.

One of the prime objectives of Gulf Air is to connect Bahrain to the Middle East countries and the rest of the world. As such the airline currently operates the largest network in the Middle East with non-stop flights while providing seamless onward connections to other international destinations. The airline's current network stretches from Europe to Asia, connecting 54 cities in 34 countries, with a fleet of 36 aircraft.

In tune with the Kingdom's economic blue print, 'Vision 2030', Gulf Air 's strategy is to build an efficient, commercially sustainable and dynamic airline that effectively serves the people and the economy of Bahrain and represents the Kingdom on the world stage. Reflecting the needs and aspirations of its customers, the strategy focuses on three core areas: a targeted, more focused international network, a superior, more consistent product and a modern, more efficient fleet that will optimize value. Gulf Air 's goal reflects a commitment to the latest aviation technology complemented by the hallmark Arabian hospitality for which the airline is well known.

Gulf Air is the official sponsor of the 2012 Formula One Gulf Air Bahrain Grand Prix.

For more information please visit www.gulfair.com

For media enquiries, please contact:
Katherine Kaczynska
Senior Manager Corporate Communications
Gulf Air Tel: +973 17338416 - +973 36500292
Email: katherine.kaczynska@gulfair.com

About Mashreq:
Mashreq is one of the UAE's leading National Financial institutions. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.

Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. Its most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.

As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.

For further information, please contact:
Huda Ismail
Public Relations, Mashreq
Tel: 04 -6083629
Email: HudaI@mashreqbank.com

Nssrin Khalil
Public Relations, Mashreq
Tel: 04 - 6083836
Email: NssrinK@mashreqbank.com

© Press Release 2012