Bahrain's ruler demands Gulf Air to be recapitalized
Bahrain's Gulf Air said AED1.8 billion ($490.6 million) will be used to repay due debts, cover restructuring cost, and develop its fleet, Manama-based Al Bilad daily reported
Gulf Air's need for additional support was the result of recent unprecedented developments at the local, regional, and global levels, including soaring fuel prices in 2011, Samer Majali, the airline's chief executive, said according to the paper.
The unrest that the region has been witnessing for the second consecutive year has forced Gulf Air to halt flights to eight destinations that were among the most profitable routes, the daily cites Mr. Majali as saying.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects
- Bahrain politicians let Gulf Air fly 'free', withdraw bailout payback vote
- As protests flare up across Bahrain, rulers try and highlight the economic benefit
- Bahrain: Gulf Air handed bail out to keep flying
- Gulf Air announces new three-year strategic plan
- Down and then up! Bahrain’s Gulf Air cuts losses by 30%, increases revenue by 10%