FINANCIAL NEWS

Qatar Airways acquires 35% stake in Cargolux

12 Jun 2011

(MENAFN) Cargolux’s CEO, Frank Reimen, said that an agreement was reached with Qatar Airways under which the latter would buy 35 percent of Cargolux, reported Cargonews Asia.

Such an agreement would be an addition to Qatar’s existing cargo business that currently includes five freighters. Qatar Airways hopes that the new stake in the Luxembourgian company would help the Gulf-based carrier expand operations in Europe.

Qatar Airway’s CEO, Akbar Al Baker, stated that the cooperation between the two companies also aims at making the under-construction international airport at Doha a leading cargo hub on the regional and global levels. In addition, the cooperation would give a boost to the economy of Luxembourg and create jobs in both countries.

Al Baker added that both companies had already identified a number of opportunities with high potential that could be seized with the complimentary knowledge and skills the two companies possess.

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