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KUWAIT’S IFA AVIATION TO BOOST FLEET

27 May 2007

Kuwait’s International Financial Advisors (IFA) aircraft hiring unit IFA Aviation said on Sunday it planned to launch an initial public offering this year to raise funds for a fleet expansion.

“We are planning to do that (IPO) hopefully in 2007,” IFA Aviation’s Managing Director Fuad al-Dashti told Reuters.

He said the IPO for the Dubai-based unit will be launched in Kuwait and will be open to all nationalities.
“Our capital is now 5 million dinars ($17.4 million) and we want to increase it. We are working on a business plan and we have not decided yet on the increase,” said Dashti, declining to be more specific on the value of the IPO.

IFA Aviation, founded in 2006, is operating two small intercontinental Challenger 604 aircraft from Bombardier catering to executives and VIPs needing a ride.

Dashti said the firm had ordered six Global 5000 aircraft from the Canadian firm to be delivered in 2008, 2009 and 2010. He did not disclose the value of the order.