The board of Bahrain's Al Wasat newspaper has decided to close down the daily from Sunday, it was revealed last night.

The move follows reports of enormous revenue losses over the last month, with no sign of improvement, said a report in the Gulf Daily News.

According to a reliable source within the newspaper, some shareholders recommended a three-month waiting period in case market trends changed. However, “the radical wing of the board insisted a closure as they were not prepared to suffer more losses."