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Thu, Mar 24, 2005

Another Sign Of Recovery: Iraq's First Aircraft Leasing Company

Will Offer Arab And Western Aircraft For Lease To Iraqi Carriers

It is, perhaps, another sign of Iraq's slow and often painful recovery. The chairman of the board at the Basra Bank has formed his own aircraft leasing company.

Baghdad's al-Khaleej newspaper reports Ghaleb Kabha funded his new al-Rafidain Aviation Company will provide aircraft to Iraqi airlines flying from Baghdad and Basra to places like Damascus, Amman and Abu Dhabi.

Kabha appears to have plenty of backing. He's sold "subscriptions" (shares) to raise about half the $4 million his company will use to lease the aircraft.

FMI: www.centcom.mil

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