Gulf Air's new fleet deal to save $2.5bn
Manama, November 13, 2012
Gulf Air said its renegotiated deals with the world’s two largest aircraft manufacturers to change its orders for the future will save the company around $2.5 billion.
The move will see the Bahraini carrier change orders for long-haul aircraft. It will involve the national carrier buying narrow-bodied aircraft rather than larger ones as Gulf Air repositions itself as the regional airline of choice.
“As long-standing trade partners, Airbus and Boeing have understood our challenges and I am delighted that we have arrived at mutually agreeable solutions in line with the government directive to put the airline firmly on a path towards sustainability,” Gulf Air chief executive Samer Majali was quoted as saying in a Gulf Daily News report.
“The revised orders reduce our long-term financial liability of approximately $5 billion by over 50 per cent and the remaining liability more effectively meets Gulf Air’s future fleet replacement and growth requirement.”-TradeArabia News Service