Bahrain Mumtalakat Holding Company transfers ownership of Gulf Air to Bahraini Government
Bahrain Mumtalakat Holding Company (Mumtalakat) plans to transfer ownership of Gulf Air to the Bahraini Government, stating the carrier did not fit with its investment strategy (Reuters, 04-Feb-2010). Mumtalakat CEO, Talal Al Zain, stated it had completed its role in the development of the carrier’s new strategy, focusing on regional routes. The carrier is expected to report an operating loss of USD510 million for 2009.
Mumtalakat: “Given it's in the airline industry, it is not a high-return investment but more of a strategic investment. You will never have more than single-digit returns in this industry,” Talal Al Zain, CEO. Source: Reuters, 04-Feb-2010.