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
 Dec 22 2014 - MoI discusses setting up national strategic plan to fight drugsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Ministry of Interior, MoI, has discussed ways to establish the first national strategic plan to combat drugs. The discussion took place during a specialised ...

 Dec 22 2014 - GCC Secretary-General hails initiative of Saudi King on Qatar, Egypt reconciliationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dr. Abdullatif bin Rashid Al Zayani, GCC Secretary-General, expressed satisfaction with the initiative of the Custodian of the Two Holy Mosques, King Abdullah ...

 Dec 22 2014 - Etihad Airways goes double daily to MelbourneEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Etihad Airways today announced plans for a second daily non-stop service between Abu Dhabi and Melbourne from 1st August 2015.The additional flight will be ...

 Dec 22 2014 - Dubai Municipality launches recycling initiative at Safa ParkEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Dubai Municipality has launched an initiative to encourage Safa Park visitors to exchange their recyclables, such as plastic and cans, in exchange for Union ...

 Dec 22 2014 - Ducab Aluminium begins construction of new facility in KizadEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Abu Dhabi Ports Company, ADPC, has announced that Ducab Aluminium Company has broken ground for its new aluminium rod and conductor facility at Kizad.After ...

 Dec 22 2014 - Kuwaiti Emiri Diwan mourns death of Sheikha Sabah Al-Nasser Al-SabahEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The Kuwaiti Emiri Diwan today mourned the death of Sheikha Sabah Al-Nasser Al-Sabah, spouse of His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.According ...

 Dec 22 2014 - OPEC daily basket price Friday 19th DecemberEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The price of OPEC's basket of twelve crudes stood at US$55.52 a barrel on Friday, compared with $56.30 the previous day, according to OPEC Secretariat ...

 Dec 22 2014 - World Islamic Travel Summit to debut in Abu DhabiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  The World Islamic Travel Summit, WITS15, the largest showcase of Halal travel and tourism solutions, is to debut in Abu Dhabi next October.The pioneering ...

 Dec 22 2014 - DEWA sponsors first Emirati student to Lima Climate Change Conference in PeruEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  Bader Al Hammadi, an Emirati student and Carbon Ambassadors Programme member, has participated in the United Nations COP20 Climate Change conference in Lima, ...

 Dec 22 2014 - China tops Algeria's supplier list for second yearEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM))  China has emerged as Algeria's largest supplier in the first 11 months of 2014, figures from customs showed on Sunday.China topped the list of the largest ...

more...


 






Google

Click to Apply

 
 

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