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.


 






  MENA News Headlines
 Sep 1 2014 - Power oil & gas sectors account for 60 of SR84.9bn contractsArab News
(MENAFN - Arab News) Saudi Arabia recorded a significant upswing in the value of awarded contracts during the second quarter of 2014 as it reached SR84.9 billion. It marked a strong rebound from the ...

 Sep 1 2014 - TADAWUL: Insurance Energy sectors surge over 2Arab News
(MENAFN - Arab News) Saudi Arabia's benchmark the Tadawul All-Share Index (TASI) closed at 11112.12 and ended its Sunday's trading up over seventy points or 0.63 percent. Its year-to-date return ...

 Sep 1 2014 - Basketball: US Spain move to 2-0 Senegal picks up historic winArab News
(MENAFN - Arab News) SEVILLE Spain: United States and Spain both collected their second straight win at the 2014 FIBA Basketball World Cup on Sunday while Croatia fought off tough Argentina and ...

 Sep 1 2014 - Gilas Pilipinas under pressure after 2nd defeat by GreeceArab News
(MENAFN - Arab News) SEVILLE Spain: Gilas Pilipinas ran into a solid Greek wall on Sunday night and was driven on cliff's edge in the Fiba World Cup.Greece used its huge advantage in size and heft to ...

 Sep 1 2014 - Saudi - Labor law violation: 18773 companies face actionArab News
(MENAFN - Arab News) The Labor Ministry has slapped fines worth more than SR10 million on companies after its inspectors found 62762 labor rule violations during raids carried out over the past nine ...

 Sep 1 2014 - Salman-Hollande talks to focus on Mideast turmoilArab News
(MENAFN - Arab News) Turmoil across the Middle East which has led to the death and displacement of millions of innocent people will top the agenda of talks between Crown Prince Salman deputy premier ...

 Sep 1 2014 - Pakistani Army vows to protect democracyArab News
(MENAFN - Arab News) ISLAMABAD: The much-vaunted Pakistan Army declared on Sunday that it was committed to protecting democracy in the wake of anti-government protests.According to media reports ...

 Sep 1 2014 - Breakthrough in GCC-Qatar rowArab News
(MENAFN - Arab News) Saudi Arabia and other GCC states have reached a breakthrough toward ending their dispute with Qatar having agreed on principles to overcome differences leaders of thesix-member ...

 Sep 1 2014 - Cyberspace turning into battlefieldArab News
(MENAFN - Arab News) The US has launched a social media offensive against the Islamic State (IS) and Al-Qaeda setting out to win the war of ideas by ridiculing the militants with a mixture of blunt ...

 Sep 1 2014 - Japan France share spoils in team eventArab News
(MENAFN - Arab News) CHELYABINSK Russia: Japan and France took home the gold medals in the team competition on the final day of the judo World Championships in Chelyabinsk on Sunday.Japan recovered ...

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