Left Menu
Development News Edition

Qatar Airways bids to acquire RwandaAir stake

PTI | Doha | Updated: 05-02-2020 21:18 IST | Created: 05-02-2020 21:18 IST
Qatar Airways bids to acquire RwandaAir stake

Doha, Feb 5 (AFP) Qatar Airways is negotiating to acquire 49 percent of RwandaAir, the national carrier of the central African nation, to cater for growing demand in Africa, its chief said Wednesday. "It is a 49 percent stake that we are negotiating for in RwandaAir," the CEO of Qatar Airways, Baker al-Baker, told a press conference on the sidelines of an international aviation conference in Doha.

"The attraction of Kigali is its location, the stability of the country and the very favourable business environment that exists in that country," Baker said. With a small fleet of 12 aircraft, including two Airbus A330 and six Boeing 737, RwandaAir flies to 27 destinations across Africa, Asia, Europe and the Middle East.

"In Africa, there is big demand for air travel and today Africa is very poorly connected so we always look at opportunities in our field for investment," Baker said. Qatar's sovereign wealth fund is financing the expansion of Kigali Airport to raise its capacity to 10 million passengers a year, the Qatari official said.

One of the world's fastest growing airlines, Qatar Airways has a fleet of 250 modern aircraft and flies to 160 destinations. The state-owned airline has been hit by an embargo slapped on Qatar since June 2017 by neighbouring Gulf countries.

In the fiscal year to March 2019, it posted a loss of $639 million, in addition to a loss of $69 million the previous year. Despite the embargo, Qatar Airways has been trying to expand its foothold internationally.

In January last year, it acquired a five-percent stake in China Southern Airlines, one of the Asian giant's three big carriers. Qatar Airways also owns a 20-percent stake in International Airlines Group, which holds British Airways under its umbrella, as well as shares in LATAM Airlines Group, Italy's Meridiana and Hong Kong-based Cathay Pacific.

Baker also said Qatar Airways was still interested in investing in IndiGo, India's largest budget airline. (AFP) IND

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....


Latest News

Mumbai: With 47 new cases, MMR COVID-19 count reaches 170

The Mumbai Metropolitan Regions COVID-19 count reached 170 on Monday with 47 people testing positive for the novel coronavirus, officials said. While 29 of the new infections are in Mumbai, the rest 18 are from other parts of MMR, Brihanmum...

Prioritise treatment of COVID-19 patients in J-K: Murmu to officials

Jammu and Kashmir Lieutenant Governor Girish Chandra Murmu on Monday directed officials to prioritise the treatment of COVID-19 patients in the Union Territory and distribute PPEs among those at the forefront of efforts to fight coronavirus...

Coronavirus response highlights deepening partisan divide

In Los Angeles, Mayor Eric Garcetti has instituted a shutdown on a city of nearly 4 million people and threatened uncooperative business owners with power shutoffs and arrest. In Mississippi, home to nearly 3 million people, Gov. Tate Reeve...

No scandal here: Mexico president defends meeting mother of drug lord 'El Chapo'

Mexican President Andres Manuel Lopez Obrador on Monday defended his weekend handshake with the mother of drug lord Joaquin El Chapo Guzman, calling her a respectable old lady and seeking to cast his critics as the principal menace to the c...

Give Feedback