8-Feb-2010 1:36 PM

Bahrain’s Economic Development Board calls for three steps in Gulf Air restructure

Bahrain’s Economic Development Board (EDB) Chairman and the Crown Prince, HRH Salman bin Hamad Al Khalifa, called for the protection of the rights of Gulf Air employees and urged the Bahraini Government, Bahraini Parliament and the EDB to collaborate with the carrier (Gulf Daily News, 06-Feb-2010). Mr Al Khalifa highlighted three areas for the carrier’s restructuring plan, including protection of the rights of Gulf Air employees, financial support for the carrier and complete transparency of the carrier to move into the next phase. Mr Al Khalifa reportedly added there is a meeting scheduled in the coming days to discuss the carrier’s restructuring plan. Bahrain Mumtalakat Holding Company (Mumtalakat) last week announced plans to transfer ownership of Gulf Air to the Bahraini Government, stating the carrier did not fit with its investment strategy. The carrier is expected to report an operating loss of USD510 million for 2009.

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