Prestige Air buys Madrid-based operator in Europe foray

Dubai: Prestige Air has acquired a Madrid-based charter services operator, Flylink Express Aviation Management, making it the first Arab operator in Europe.

Prestige Jet Spain would commence operations immediately.

"The acquisition allows us to effectively meet our fast-growing customer demand with a core base on the continent. It offers us a network of Spanish and European air brokers. It also gives us an ideal position to continue our rapid expansion and capitalise on a huge market opportunity," said Faris Deeb, vice chairman of the newly-formed Prestige Holding.

Deeb did not reveal the monetary value of the acquisition. Prestige Jet Spain would operate four aircraft from its Madrid base, two heavy and two light.

"The strategic move enhances our rapidly-growing offering and gives us access to the European and American continents and is in line with our stated strategy of investing in jet aviation services," Deeb said.

Prestige Jet Spain general manager Jose Fernandes said the deal combined the Prestige Jet business model with a strategic flight operations location.

"I hope that Spain is going to be the launch-pad to other European and international markets," he said.

Founder and chairman of Prestige Jet, Gaith Bin Hamel Al Gaith also announced the formation of Prestige Holding LLC, a group of business aviation subsidiaries to be provided under the Prestige banner.