Gulf Air forms key restructure panels
Manama, November 22, 2012
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 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. – TradeArabia News Service
More Travel, Tourism & Hospitality Stories
- Oman Air appoints GSA for Turkey
- $40bn investment in Gulf airports likely
- Celebrity chef to open restaurant at InterContinental
- FRHI appoints wellness vice president
- Dubai, Abu Dhabi hotels top performance
- Malaysia Airlines jet presumed crashed, 239 onboard
- BA rolls out special Mother's Day fares
- Etihad says majority of stranded passengers sent home
- Malaysian jet search team spots 'column of smoke'
- Turkish Airlines revenue surges 27pc in 2013
- GCC airlines defend female cabin crew policies
- Malaysian flight 'presumed crashed' over China
- Qatar Airways likely to buy more A380s
- Malaysia Airlines jet goes missing over China
- Etihad in move to clear flights backlog
- Tourism industry emerges from downturn
- Airbus orders more frequent A380 checks
- Dubai Mall stand offers air safety tips
- Elaf Group plans new hotel in Makkah
- UPDATE: Abu Dhabi airport starts operation
- Qatar Airways mulls options on 3 extra A380s
- RAK features 9 travel firms at ITB Berlin
- Etihad names Patrick Vieira guest ambassador
- Lufthansa to offer Premium Economy Class
- Ras Al Khaimah TDA appoints new CEO
- Abu Dhabi flights hit by 'technical failure'
- Egypt urges Germany to ease travel advisory
- Qatar Airways to get 3 A380s in June
- Paramount eyes expansion in region
- All EU citizens exempt from pre-entry UAE visas