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Mumtalakat Mulls Divestment in Gulf Air
MANAMA - Bahrain Mumtalakat Holding Company, the investment company for the Kingdom of Bahrain, announced on Thursday its intention to divest its interests in Gulf Air, Bahrain’s national carrier, to the Ministry of Finance.
The Government of Bahrain took sole ownership of Gulf Air in 2007 following the exit of various Gulf state owners from the business and shares were later transferred to Mumtalakat.
As part of its mandate to drive operational excellence and economic growth across its portfolio of companies, Mumtalakat began a structural realignment of the business in 2009 to put it on the path to sustainability.
Like many airline operators around the world, Gulf Air has been challenged by the harsh economic conditions faced by the global aviation sector, with many national carriers supported by Government subsidies.
Mumtalakat began its structural realignment of Gulf Air in early 2009 with a global search for a new chief executive which resulted in the appointment of Samer Majali, the former Chief Executive Officer of Royal Jordanian, on 1 August 2009.
Working closely with Gulf Air management, Mumtalakat engaged with all stakeholders, resulting in an agreed strategy and funding requirement. Gulf Air currently flies routes connecting Bahrain with destinations in the Middle East, Europe and Asia, and has a workforce of 5,000 employees, 4,000 of which are based in Bahrain.
Given the strategic significance of Gulf Air to the Bahraini economy and combined with the business’ significant funding requirements, Mumtalakat’s board of directors has decided to transfer its interests in Gulf Air to the Bahraini Government.
Talal Al Zain, CEO of Mumtalakat and Chairman of Gulf Air, said, “We have worked extremely hard with the management of Gulf Air to get the business to this point.
With the realignment of the business, the management now has a clear strategic and operational path to making the business sustainable so it can continue to support and benefit the Bahraini economy”.
He also added, “As a rational investor, it is our responsibility to invest in economic growth opportunities on behalf of the people of Bahrain. Given the unique strategic importance of Gulf Air to the economy, the Government of Bahrain is the natural owner of this asset and we are grateful to have had the opportunity to work together with Gulf Air while it was under our umbrella.”
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