$1 billion for developing Gulf Air fleet

The regional bureau for the Gulf Air office in Cairo announced privatizing a billion dollars to implement plans for developing the company's fleet and its services.

The press statement issued by the company's offices in Bahrain stated that the company does not intend to increase its capital soon and that it will receive four Airbus 300 airplanes in June out of six airplanes that were agreed upon in a transaction worth $600 million two years ago.

The statement added that the company's performance last year achieved good growth averages in profits and running operations in spite of extreme competition in the air transportation market and the economic crisis in southeast Asia which affected the performance of the tourist, travel and air companies all over the world.