FINANCIAL NEWS

Qatar Airways purchases 35% of Cargolux

09 Jun 2011

(MENAFN) Qatar Airways Chairman, Sheikh Hamad Jassim Bin Jabr Al Thani, stated that the company plans on signing a deal with freight carrier Cargolux by which the Qatari airway would acquire a 35 percent stake in the Luxembourg-based company, reported AP.

Al Thani also said that the deal was aimed at boosting Qatar Airway’s position in air freight and making it one of the leaders in that sector in the coming 4 years.

The Chairman added that the deal would also be the beginning of a strategic corporation between the two firms. He pointed out that the state of Luxembourg as well as other investment firms would cut down their stake in Cargolux.

It is worth noting that Qatar Airways is the flag carrier of Qatar, headquartered in the Qatar Airways Tower in Doha, it operates a hub-and-spoke network, linking over 100 international destinations from its base in the Qatari capital.

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