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Posts : 1739 Join date : 2009-09-17 Location : Bandung
Subject: BAHRAIN TO RAISE GULF AIR CAPITAL BY USD $1 BLN Tue Oct 19, 2010 11:16 pm
October 19, 2010
Bahrain plans to inject additional capital of BHD400 million dinars (USD$1.1 billion) into its loss-making national carrier Gulf Air, a local newspaper reported on Tuesday. Al Wasat newspaper said Bahrain's king had issued a decree to expand the state's 2010 budget and had authorized the finance ministry to raise the funds from local and international capital markets. The airline, which flew close to 6 million passengers last year, plans to break even in two to three years after a loss of USD$502 million in 2009. Gulf Air has struggled to find a niche after previous owners Oman, Abu Dhabi and Qatar gave up their stakes partly to establish their own carriers. It now focuses on regional routes in the Middle East to compete with airlines such as Qatar Airways and Emirates that serve global traffic linking Asia and Europe. Bahrain plans to spend BHD2.19 billion in its 2010 budget draft. (Reuters)