Bahrain to own 80% of Gulf Air
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Bahrain to own 80% of Gulf Air
Bahrain to own 80% of Gulf Air
By Habib Toumi, Bureau Chief
Manama: Bahrain is set to own 80 per cent of Gulf Air stake by May 1, the aviation company currently equally co-owned by Bahrain and Oman.
The new ownership deal, which leaves Oman with only 20 per cent was announced by Bahrain's fin-ance minister Shaikh Ahmed Bin Mohammad Al Khalifa to a local radio on Wednesday evening.
But the minister did not divulge further details, saying that there would be a series of meeting to discuss the developments and the company's needs.
"The name will not be changed and there will be no sacking of the current staff. In fact, we will need more people as the company expands its activities," he said.
Its board of directors consists of eight members split equally between Oman and Bahrain. Andre Dose (Switzerland) to take office on April 1 as new CEO.
It is also not clear if the move is aimed at a complete withdrawal of Oman from Gulf Air's board, as the country is developing its own airline, Oman Air.
By Habib Toumi, Bureau Chief
Manama: Bahrain is set to own 80 per cent of Gulf Air stake by May 1, the aviation company currently equally co-owned by Bahrain and Oman.
The new ownership deal, which leaves Oman with only 20 per cent was announced by Bahrain's fin-ance minister Shaikh Ahmed Bin Mohammad Al Khalifa to a local radio on Wednesday evening.
But the minister did not divulge further details, saying that there would be a series of meeting to discuss the developments and the company's needs.
"The name will not be changed and there will be no sacking of the current staff. In fact, we will need more people as the company expands its activities," he said.
Its board of directors consists of eight members split equally between Oman and Bahrain. Andre Dose (Switzerland) to take office on April 1 as new CEO.
It is also not clear if the move is aimed at a complete withdrawal of Oman from Gulf Air's board, as the country is developing its own airline, Oman Air.
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$1.3Bn to be invested in GF by the Bahrain Government to raise its stake to 80% of the company. If its true thats a magnificent step forward. On the down side a seed change in the company management and infrastructure is required to put GF back on a winning road. This will be more difficult as it will require some severe pruning all the way down to middle management most of which are regretably Bahraini, without this drastic and far reaching reform one fears that even such a large injection of capital will be waisted and or otherwise fritted away. Politics will be predominent as always, let us hope the new CEO has the backing and political savy to plot a course through this mine field and give us all an airline we can be proud of? Intersting times lay ahead!!
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Bahrain to own 80% of Gulf Air
GF deserve to keep their name if the the Bahraini government so wishes and still be a player in the regional aviation if they do not venture as the other ones do making Bahrain a more attractive tourist destination with "through" traffic from everywhere and vice-versa.
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"the UAE declares their 100 % commitment to GF"
"Qatar has no intentions of reducing their share-holdins and interests in GF"
"Oman is 100% commited to GF and supports the board in all it's decissions"
sounds familliar?
They open their mouths, a lie comes out.
It seems the nice gentleman -who's posters are all over the country and to whom all and sundry suck up to and send their "good wishes" for exciting occasions such as Eid, National Day, the full moon, or someone somewhere winning a soccer match- should put his hands in his DEEEEEEEEEEP pockets and GIVE some money to GF. - now THAT would be a new concept.
"Qatar has no intentions of reducing their share-holdins and interests in GF"
"Oman is 100% commited to GF and supports the board in all it's decissions"
sounds familliar?
They open their mouths, a lie comes out.
It seems the nice gentleman -who's posters are all over the country and to whom all and sundry suck up to and send their "good wishes" for exciting occasions such as Eid, National Day, the full moon, or someone somewhere winning a soccer match- should put his hands in his DEEEEEEEEEEP pockets and GIVE some money to GF. - now THAT would be a new concept.
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I think there's plenty of politics going on since Bah want to inject loads of cash but Oman doesn't but they still want to keep their 50% (Until Oman Air have inceased enough in size then they will give us a brotherly boot & cancel all our Mct routes overnight- deja vu anyone?)
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Pls dont turn this into a slag-fest guys
take it to jet-blast ..this thread addresses an interesting topic which affects all GF employees regardless of place of origin...keep it on track please..ok?? 
take it to jet-blast ..this thread addresses an interesting topic which affects all GF employees regardless of place of origin...keep it on track please..ok??
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it's obvious that oman will leverage gf in anyway that will help omanair. I think they weren't expecting bahrain to increase their stakes to 80%, instead mis-spending their money in bolstering their shares in omanair. they're in a bit of fix right now and their only option is to either defer their support for omanair and inject into gf to maintain their 50% and leave omanair on the path to mediocrity qr sell their entire share in gf and concentrate all their resources on omanair which simply will not give them the returns, considering the neighbouring competition.
Last edited by brassplate; 7th Feb 2008 at 13:52.
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....They're in a bit of fix right now and their only option is to either defer their support for Omanair and inject into GF to maintain their 50% and leave Omanair on the path to mediocrity OR sell their entire share in GF and concentrate all their resources on Omanair which simply will not give them the returns.....
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What exactly has Oman gotten out of GF???? Nada!
Leave it to Bahrain to inject millions into a corroded, sinking airline, after all, what else do they have? Who's in a fix right now, considering the neighboring competition?
Is GF generating huge returns for Oman (or Bahrain)? Or any returns at all?
WY is making money, despite the lack of support from the Omani authorities. Once WY is able to stand alone as the national carrier, the situation will only improve for us.
Leave it to Bahrain to inject millions into a corroded, sinking airline, after all, what else do they have? Who's in a fix right now, considering the neighboring competition?
Is GF generating huge returns for Oman (or Bahrain)? Or any returns at all?
WY is making money, despite the lack of support from the Omani authorities. Once WY is able to stand alone as the national carrier, the situation will only improve for us.
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I couldn't agree more...and therefore the Sultanate of Oman should be made to withdraw from Gulf Air as soon as possible.
When this has happened (hopefully ASAP), I'd like to extend my very warm wishes for the future of Oman Air...but not before (as one IS competitively oriented)
When this has happened (hopefully ASAP), I'd like to extend my very warm wishes for the future of Oman Air...but not before (as one IS competitively oriented
)
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OmanAir,
I think the Kingdom of Bahrain couldn't agree with you more. The sooner the clean split takes place, the better it is for both countries. They've both gotten nothing out of the whole two country ownership deal, in fact both had lost themselves (and profitability) in a sea of bureaucracy and politics. With the much needed capital being injected by the Bahraini government to invest in newer hardware (thereby solving the rust problem once and for all) and Oman's reluctance to increase their share because of their priority with Oman Air (conflict of interest), Oman will just be weighing down the development of GF. The whole union had been akin to tying two cats together by the tail and throwing them over the clothesline.....union it was but unity it was not!!
Not bad mouthing Oman and Oman Air at all. Best of luck to her. But Oman Air must not use GF to better her position. Both countries must go their seperate ways for their own good NOW.
I think the Kingdom of Bahrain couldn't agree with you more. The sooner the clean split takes place, the better it is for both countries. They've both gotten nothing out of the whole two country ownership deal, in fact both had lost themselves (and profitability) in a sea of bureaucracy and politics. With the much needed capital being injected by the Bahraini government to invest in newer hardware (thereby solving the rust problem once and for all) and Oman's reluctance to increase their share because of their priority with Oman Air (conflict of interest), Oman will just be weighing down the development of GF. The whole union had been akin to tying two cats together by the tail and throwing them over the clothesline.....union it was but unity it was not!!
Not bad mouthing Oman and Oman Air at all. Best of luck to her. But Oman Air must not use GF to better her position. Both countries must go their seperate ways for their own good NOW.
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A quote from the Crown Prince (An extract from a very good interview in todays Bahrain Tribune):
'we want to concentrate on the sectors that we have succeeded in keeping and developing. We are busy at this time in reforming Gulf Air, Alba, Bapco and the banking sector as a whole.'
Your Highness, are you in support of the complete Bahrainisation of Gulf Air?
'Yes, and this is our direction. The Holding Company is now working towards Bahrain’s ownership of Gulf Air and I hope this will happen very quickly.'
'we want to concentrate on the sectors that we have succeeded in keeping and developing. We are busy at this time in reforming Gulf Air, Alba, Bapco and the banking sector as a whole.'
Your Highness, are you in support of the complete Bahrainisation of Gulf Air?
'Yes, and this is our direction. The Holding Company is now working towards Bahrain’s ownership of Gulf Air and I hope this will happen very quickly.'
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