Mumtalakat seeks advisers to rebuild Gulf Air
Manama, July 26, 2009
Bahrain's sovereign wealth fund Mumtalakat is seeking advisers to help it rebuild the business of state-owned carrier Gulf Air, it said in a statement on Sunday.
It said the consultants would report to the airline's incoming chief executive Samer Majali, who is taking up his post on August 1 and 'who has been appointed to lead Gulf Air as it moves into the next phase of its strategy to rebuild the business'.
Majali said in an interview published on July 7 that the Gulf Arab state's flag carrier would conduct studies on its strategic position in August, but did not provide details.
Previous chief executive Bjorn Naf left the loss-making carrier earlier this month. Naf had been criticised by Bahraini parliamentarians over his handling of the company since he took over in 2007.
The loss-making carrier cut jobs and trimmed its network that year and started to renew its fleet, after announcing losses of more than $1 million a day.-Reuters