Quotes: US 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
 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

 Oct 25 2014 - Qatar-Kerala Inter District Football Tournament beginsThe Peninsula
(MENAFN - The Peninsula) Officials and guests at the opening of the 8th Qatar-Kerala Inter District Football Tournament 2014 at Doha Stadium yesterday. ...

 Oct 25 2014 - Qatar- ICBF elects new office-bearersThe Peninsula
(MENAFN - The Peninsula) Arvind Patil Shivamurthy is the new President of Indian Community Benevolent Forum (ICBF).He defeated Mohamed Habib-Un-Nabi and Clarence Joseph in a triangular election ...

 Oct 25 2014 - Organisation of Russian Compatriots in Qatar lines up activities for 2015The Peninsula
(MENAFN - The Peninsula) The first conference of Organisation of Russian Compatriots in Qatar yesterday at Diplomatic Club witnessed the official start of activities of its newly-established ...

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help