Press Release

Issued by MAE Aircraft Management.

January 16, 2014

MENA Aerospace Enterprises, WLL, and ISNA Holding Co. of Saudi Arabia, are pleased to announce that they have formed a joint venture in Riyadh to deliver private aviation services in the Kingdom of Saudi Arabia. The joint venture, established in Riyadh, is call MENA Private Aviation Services Co. The move combines ISNA's local market knowledge and strategic relationships with MENA Aerospace's existing private aviation capabilities.

MENA Private Aviation Services Co. will focus on charter sales and private aircraft management and operation, employing MENA's Aircraft Operating Certificate and fleet of aircraft. In just a few months of operation since its opening, already a number of key contracts have been signed.

Ralph Eisenschmid, MENA Aerospace's executive director said, “Our aviation capabilities are well established at our base in Bahrain. Therefore, it was a natural move to start extending the group's capabilities into Saudi Arabia. This joint venture is the result of considerable analysis and planning with our very strong local partner who is very well placed to provide the in-country know-how, commercial infrastructure, contacts and expertise whilst MENA provides the operational, technical and regulatory foundations.”

Ibrahim Al Hedaithy, ISNA's managing director added, “It is well known that Saudi Arabia represents the largest market for private aviation services, and by all indications, this market will continue to grow. By our partnering with MENA we can offer the market a fresh choice and new option in private aviation to our customers in the Kingdom of Saudi Arabia.”