FINANCIAL NEWS

Kuwait Airways to be privatized by March-end

05 Jan 2011

(MENAFN) Hamad Al Falah, Chairman of state-owned Kuwait Airways, revealed that the carrier will be privatized by the end of March of the current year, and that the transformation procedures are in the final stages, Reuters reported.

According to Falah, in 2008, Kuwait’s parliament approved a plan to privatize the loss-generating Kuwait Airways, and the government has decided to sell 40 percent of the flag carrier to the public and 35 percent to a long-term investor.

The Gulf Arab carrier has a fleet of 17 planes, and its fleet of five Airbus A300 jets; grounded last month for inspection, were back in service, stated Falah.

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