Gulf Air Privatisation Proposal Rejected
Parliament on Tuesday rejected a proposal by MP Khalid Buanaq, which called for the government to examine the feasibility of selling a portion of Gulf Air’s shares to private sector investors, while retaining a 51 per cent stake under Mumtalakat.
The majority of MPs opposed the Financial and Economic Affairs Committee’s recommendation to approve the proposal, which sought to reduce government subsidies for the airline, improve its performance and increase profitability.
The Financial Committee had recommended endorsing the proposal submitted by MP Khalid Buanaq, which urged the government to study the possibility of selling part of Gulf Air’s shares to investors, while retaining 51 per cent ownership under Bahrain Mumtalakat Holding Company.
The proposal aimed to reduce government financial support allocated to Gulf Air in the state budget, restructure the airline’s board of directors and executive management, enhance the company’s performance and efficiency, boost profitability, and contribute to Bahrain’s economic growth while advancing its subsidiaries.
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