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FINANCIAL NEWS
Jazeera Airways interested in a stake in Kuwait Airways
09 Feb 2013
(MENAFN) Kuwait’s low-cost airline Jazeera Airways plans to bid for a stake in loss-making state-owned Kuwait Airways, Arabian Business reported.
Chairman Marwan Boodai said “Yes I would definitely focus on investing more on aviation in Kuwait, subject to a clean clear balance sheet.
“Like any investment you have to look at what the balance sheet is like and then you have to decide if yes it is worth investment,” he said.
Kuwait’s parliament approved an amended draft law paving the way for the long-overdue privatisation of Kuwait Airways, state-run news agency KUNA reported last month.
Under the draft law, the carrier will rebrand to Kuwait Airways Company and own all assets and property of KAC, except for outstanding payments from the Iraqi government and Iraqi Airways.
The government would retain 20 percent with 5 percent to be distributed to KAC employees, while the remaining 40 percent would be allotted in the same way to citizens registered with the Public Authority for Civil Information, the news agency added.
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