Gulf Air

The Bahrain-based Gulf Air provides scheduled air transportation for passengers and cargo.

Gulf Air carried 5.6 million passengers and handled 29,179 tons of cargo, in 2008. It disposed of aging aircrafts, thus reducing its fleet size by 20% to 32 airplanes, in the same year.

The airline reported a 4.2% annual net loss to BHD156 million (USD413.8 million) while total revenues increased by 6% to BHD520 million (USD1.38 billion) in 2008.

Gulf Air went through numerous changes in its shareholder structure since it was established, in 1950, as the Gulf Aviation Company. The British Overseas Aircraft Corporation (BOAC) held the majority of shares in the company until 1974, when the Abu Dhabi, Bahrain, Oman, and Qatar governments purchased BOAC’s shares.

The Qatari government withdrew from its partnership in Gulf Air in 2002 to focus on developing its national carrier, Qatar AirwaysQatar Airways. The government of Abu Dhabi followed suit in September 2005, by pulling out to focus on its official carrier, Etihad AirwaysEtihad Airways. Oman’s government remained a shareholder of Gulf Air, in spite of the conflict of interests it had with its national carrier Oman AirOman Air, until 2007. The Bahraini government, which by default became the sole shareholder in Gulf Air, later transferred its full ownership to its sovereign wealth fund, Mumtalakat.

Gulf air appointed Samer Majali in August 2009, as its 4th CEO in 3 years, to form a restructuring plan for the airline.