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FINANCIAL NEWS
Bahrain to privatize Gulf Air: Official
25 Jul 2010
(MENAFN) A senior government official in Bahrain said that the government plans to privatise national carrier Gulf Air as soon as possible encouraged by positive results in its restructuring, Gulf Daily News reported.
The loss-making carrier could return to profit within a year, paving the way for privatisation, the head of Bahrain’s Economic Development Board, Sheikh Mohammed bin Essa al-Khalifa.
Gulf Air was established as a regional airline but has undergone years of restructuring after shareholders Oman, Abu Dhabi and Qatar gave up their stakes, partly to establish national carriers.
The emergence of regional heavyweights such as Dubai-based Emirates Airline has forced Gulf Air to revamp operations, cutting staff and refocusing its network on regional routes.
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