Abu Dhabi's governmental investment vehicle Mubadala has detailed ambitious plans to rename and revamp Gulf Aircraft Maintenance (Gamco) after acquiring the entire share capital of the company.
Mubadala is renaming the company as Abu Dhabi Aircraft Technologies and intends to increase its turnover from $300 million to $800 million by 2012.
It plans to invest over $500 million in the next five years, mainly in facilities, to help establish the firm as a strong aircraft maintenance operation and a "top-tier total-care provider".
New facilities will include a heavy maintenance hangar to handle three Boeing 777s. A second similarly sized hangar will give the company a total of 13 maintenance bays. The company also plans a two-bay light maintenance station, at Abu Dhabi airport's midfield terminal, and a paint hangar.
Gamco was a joint venture 60%-owned by the Abu Dhabi government, while Gulf Air held the remainder. But Mubadala says it now owns 100% of Abu Dhabi Aircraft Technologies.
Mubadala chief operating officer Waleed Al Mokarrab says Abu Dhabi Aircraft Technologies will "expand the existing business" and "convert the company into a total-care provider".
He adds: "This will be achieved by increasing capabilities, enhancing the pool of expertise and entering new markets through partnerships, joint ventures and potential acquisitions."
It will focus on commercial and military airframes as well as engines and components, and expects to attract customers from the Middle East, India and Europe.
Abu Dhabi Aircraft Technologies will be headed by John Byers, who says: "Growth is being driven by rapid United Arab Emirates and Middle East fleet expansions. We will achieve our aim by developing several key cornerstone clients, developing value-added, knowledge-based services and expanding engine and component capabilities."
Mubadala is one of the participants in the Arab consortium that took over maintenance company SR Technics last year.
Source: FlightGlobal.com
