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FINANCIAL NEWS
Kuwait may privatize national carrier within a year
18 Nov 2012
(MENAFN) Kuwait Airways Company’s (KAC) chairman, Sami Al-Nusif, stated that the airline might be privatized within a year if the restructuring plan works, reported Arabian Business.
Al-Nusif said that several steps were taken, including the development of the carrier’s fleet, in order to draw more investors.
The loss-making airline plans to add new destinations; furthermore, it has raised maintenance fees to USD127.28 million from USD14.14 million to make sure that travelers have a secure and safe flight experience.
He added that the plan would boost KAC’s performance and allow it to play an essential role in transforming the country into a financial and commercial hub.
It is worth noting that the Kuwaiti cabinet endorsed an amended draft law in April for the privatization of Kuwait Airways within 3 years.
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