Qatar Airways confirms Cargolux deal
05 / 07 / 2012
IT looks like Qatar Airways is going to do what Etihad tried to do in 2005 – secure a 33 per cent stake in Cargolux.
Air Cargo News has been following progress over the last few weeks and can confirm that Qatar’s chief executive Akbar Al Baker will sign the deal in May.
“We are going to sign an agreement with them in a few weeks. We see there are synergies and Qatar Airways would like to expand,” Al Baker said, declining to shed light on the value for the deal.
Six years ago Etihad tried to buy a 33.7 per cent stake in Cargolux at a reported US$130 million.
With the might of the Qatar Investment Authority behind it Qatar continues to look for further future deals.
“We will only be interested in other airlines if they are healthy, well-established and will add value to Qatar Airways,” Al Baker said.
Meanwhile the airline has been busy expanding its fleet. Qatar Airways will have a fleet of 120 aircraft in the next two years. Ten aircraft will be delivered this year with funding raised internally. In 2010 Qatar increased its 787 orders from two to six, with Al Baker saying that he expects aircraft from Boeing to arrive sooner than expected.
The airline expects to post a net profit of over $250 million for its financial year ending April 2011, up $45 million on the period a year ago.