Bahrain: $100m new airline boost for economy |
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The private airline to be established in Bahrain will have a capital of $100 million, while the paid-up capital will be $40 million, sources told the Tribune last night.
The airline, which will only fly short-haul, will be jointly owned by Bahrain (51per cent) and Saudi Arabia (49 per cent), writes Salman Al Ajmi.
The sources said that the investors will be six companies from Bahrain and a group of Saudi firms, stressing that no individual investor will be involved in the venture.
The airline executive company held a meeting yesterday to discuss the operational procedures and employment opportunities. The sources said that the company will have to be registered in Bahrain before the end of the month.
Hotel-owners and travel and tourism agents welcomed the establishment of an airline carrying the Bahrain emblem, saying that it would invigorate the national economy.
© Bahrain Tribune 2004






