Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar Airways 100 state-owned after ex-PM buyout  Join our daily free Newsletter

MENAFN - AFP - 05/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Qatar Airways has become 100-percent state-owned after the government bought out private investors, including a former prime minister, its chief executive Akbar Al-Baker said Monday.

Al-Baker said the acquisition took place last year, shortly after a political shake-up in which Sheikh Hamad bin Jassem was removed from the post of prime minister.

The airline became "100-percent government-owned at the end of July" when 50 percent of the company was purchased from the investors including Sheikh Hamad, Al-Baker told reporters in Dubai.

"It was not only Hamad bin Jassem; there were other shareholders," he said at the Arabian Travel Market.

He declined to comment on the motives for the buyout and said he did not know how much the ex-premier, who was relieved of his post when emir Sheikh Hamad bin Khalifa al-Thani abdicated unexpectedly in favour of his son Sheikh Tamim in June 2013, had received for his stake.

Qatar Airways, he said, would start revealing its results now that the carrier was government owned.

"I don't think the government has any issues for us to start announcing our profits" following the buyout, he said. "Once our last financial year audit is complete, we will say how much money we've made."

Al-Baker did not give details of Qatar Airways' results but said the company was "very efficiently run".

During Sheikh Hamad's reign, Qatar adopted an ambitious foreign policy, until last year's unexpected political shake-up.

Qatar Airways, along with Dubai's Emirates and Abu Dhabi's Etihad, have snatched a sizable share of the long-haul travel sector, turning their home cities into major hub on the routes to Asia and Australasia.

The three are major clients of aircraft manufacturers, with extensive lists of orders from Boeing and Airbus.

Al-Baker said the recent soft opening of Doha's new airport should allow the carrier to expand unhindered, noting "growth was blocked by the capacity of the current airport" in Doha.

He added the much-delayed Hamad International Airport, which opened last week, has an annual capacity to handle 30 million passengers which can be pushed to 45 million passengers if needed.

The new international airport, built at a cost of 15.5 billion (11 billion euros) and named after the former emir, welcomed its first commercial flight on Wednesday.

It had originally been scheduled to open last April, but the date was pushed back after it failed to meet new security standards.

Initially, the facility will only be open to 10 airlines with other carriers, including Qatar Airways, expected to use it from May 27.

Al-Baker also complained of airspace congestion in the Gulf region, saying limiting space for commercial carriers in favour of military use is "not conducive" to the aviation sector.

Major Gulf carriers are trying with governments and regulators "to open more air space to commercial flights," he said.


 


AFP




  MENA News Headlines
 Jun 27 2016 - Saudi's non-oil GDP to slow by 2.8 percentMENAFN
(MENAFN) Growth in Saudi Arabia's non-oil GDP is predicted to slow to reach 2.8 percent this year from 3.4 percent in 2015.Accordingly, the central bank was continuing to monitor key economic ...

 Jun 27 2016 - UAE- Minister of State for Higher Education, Japanese Ambassador discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June, 2016 (WAM) -- Dr. Ahmad bin Abdulla Humaid Belhoul Al Falasi, Minister of State for Higher Education, has received Kanji Fujiki, ...

 Jun 27 2016 - UAE- GE launches school maintenance endowmentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- General Electric has announced the launch of an endowment for school maintenance. The initiative was launched subsequent ...

 Jun 27 2016 - UAE- Emirates Airline enhances its service to Dakar, SenegalEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- Emirates Airline has announced that its service between Dubai and Dakar, currently operated by an Airbus A340-300, will be ...

 Jun 27 2016 - UAE- FNC speaker receives Australian ambassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) --- Dr. Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC), has received Arthur Milton Spiro, Ambassador of ...

 Jun 27 2016 - UAE- DP World contributes AED3m to Reading Nation CampaignEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- With the Reading Nation campaign getting closer to its deadline on the 19th day of the Holy Month of Ramadan, some of the ...

 Jun 27 2016 - Mohammed bin Rashid witnesses signing of MoU between DEWA, Masdar on implementation of third phase of Solar Park in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, today ...

 Jun 27 2016 - UAE Cabinet approves Eid Al Fitr holiday of Federal entitiesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) - Based on the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, the UAE Cabinet chaired ...

 Jun 27 2016 - UAE- Emiratis can now apply for e-visa to travel to TajikistanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) --- The Ministry of Foreign Affairs and International Cooperation today announced that, as of 1st June, Tajikistan''s ...

 Jun 27 2016 - UAE- Saud Al Qasimi offers condolences to Gargash familyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) - H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah, today offered condolences to the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help