Gulf Air fighting for survival
Bahrain is struggling to keep Gulf Air running
Click here to add Audit Committee as an alert
Disable alert for Audit Committee,
Click here to add Executive Restructuring Committee as an alert
Disable alert for Executive Restructuring Co ...,
Click here to add Governance Committee as an alert
Disable alert for Governance Committee,
Click here to add Gulf Air as an alert
Disable alert for Gulf Air,
Click here to add Hamad as an alert
Disable alert for Hamad,
Click here to add Shaikh Khalid bin Abdulla Al Khalifa as an alert
Disable alert for Shaikh Khalid bin Abdulla ...
The of board of Gulf Air, the national carrier of Bahrain, yesterday passed a resolution to set up three committees for the implementation of its restructuring plan.
The airline's recently appointed board led by Deputy Prime Minister and Gulf Air chairman Shaikh Khalid bin Abdulla Al Khalifa met to discuss the rapid implementation of an accelerated strategy designed to put the airline on a path towards long-term sustainability. During the meeting, the board reinforced the airline's position as the national carrier for Bahrain and gave their full support to the restructuring plans, reported our sister [Trade Arabia's] publication the Gulf Daily News.
The board stressed the importance of Gulf Air as a key national infrastructure asset, helping to maintain an independent destination status for Bahrain by providing links to key regional and global markets, playing a vital role in supporting the kingdom's economy and helping attract investment.
Recognising that some tough decisions and choices would have to be made in the short-term to ensure the long-term sustainability of the airline, the board passed a resolution to form an Executive Restructuring Committee from its members to oversee the implementation of the restructuring plan led by the airline's management.
The committee will also monitor the spending of the funding granted by His Majesty King Hamad. Also formed were the Audit Committee and Governance Committee.
"Following the issue of Decree-Law No 54 for 2012 by His Majesty on October 11, 2012, pursuant to which funds of BD185 million were allocated to the restructuring of Gulf Air, we have appointed three committees - the Executive Restructuring Committee, the Audit Committee and the Governance Committee," Shaikh Khalid said.
"The formation of these committees demonstrates our commitment to support Gulf Air and transform it into an airline that serves the people and economy of Bahrain, contributing to its growth and diversity," he added.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow