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Bahrain’s parliament has voted to replace the entire Gulf Air board of directors, just one month after appointing a new one to oversee the airline’s restructuring plan, it has been reported.
MPs also voted in favour of getting rid of two new consultancy firms hired to help turn the ailing airline around, Gulf Daily News said.
“Gulf Air has suffered enough from boards lacking knowledge in the past and because of that, firms that are not specialised have been brought in to provide help - but instead of doing so, they have drained the company further,” MP Abdulhameed Al Meer said in parliament yesterday.
Gulf Air has been struggling to compete against GCC rivals amid rising fuel prices and declining passenger numbers. The carrier was also hit hard by last year’s regional political instability.
The carrier, which once had the biggest network in the Gulf, has axed several routes from its network in recent months as it moves to stem its losses.
The airline has slashed the number of its destinations from 120 to 40 and has said as many as 1,800 staff could be laid off as part of a deal to secure a BD185m ($490.8m) bailout.
Samer Majali, the CEO bought in to restructure the airline’s operations in 2009, resigned in November. Majali will remain in his position until the end of the year.
It is so sad to see Kuwait deteriorate in this way...can it not learn for its neighboring countries such as UAE and Qatar. So what are the values that... more
Saturday, 18 May 2013 8:47 PM - MikeYes - you're missing something. There was already at least one loan on the property of $700m plus Kerzner's 50% stake of $250m and Istithmar's $250m stake... more
Saturday, 18 May 2013 7:18 PM - Jerry YamateEnough with the startup/SME bandwagon jumping already! SME's need startup capital and loans, not some sharks dying to be the middle man and be cut in for... more
Saturday, 18 May 2013 10:24 PM - HishamOh Come on ...guys, I wonder how come this news became the most commented news headline...this isn't a social issue at all, this is just a news about... more
Saturday, 18 May 2013 4:56 PM - BaijuIslam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graemeWorkers rights - there are none anywhere in the Gulf and I have been here over 20 years. You are still merely a 'temporary expatriate worker' whether ... more
Monday, 13 May 2013 9:40 AM - StevenOh Come on ...guys, I wonder how come this news became the most commented news headline...this isn't a social issue at all, this is just a news about... more
Saturday, 18 May 2013 4:56 PM - BaijuIslam is not better than any other religion, to all the muslims out there, stop putting yourself on a pedestal, you are filled with self importance that... more
Tuesday, 14 May 2013 9:58 AM - graeme
Who cares.......the most powerfull Arab is this NEWS
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