qatar buys 96 of cathay pacific
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

To overcome its crisis

Qatar buys 9.6% of Cathay Pacific

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Qatar buys 9.6% of Cathay Pacific

Qatar Airways has bought a stake in Cathay Pacific
Doha - Emirates Voice

Qatar Airways has bought a stake in Cathay Pacific, it announced Monday, giving the Doha-based airline a toehold in the potentially lucrative Asian aviation market. The state-owned Gulf carrier said it had acquired a 9.6 percent stake in Cathay, which would make it the third largest shareholder in the Hong Kong airline.

Bloomberg News said the deal was worth $662 million (570 million euros). Qatar Airways group chief executive Akbar Al-Baker said in a company statement that Cathay was “one of the strongest airlines in the world,” adding it had “massive potential.”

The acquisition comes during the ongoing political crisis in the Gulf, the worst to hit the region in years.
Since June, Qatar has been isolated by neighboring countries including Saudi Arabia and the United Arab Emirates.

As part of that dispute, Qatar Airways has been stopped from flying to Saudi Arabia and the UAE, previously popular destinations for the carrier. The deal with Cathay Pacific also comes after Qatar Airways halted a bid in August to buy a 10 percent stake in American Airlines.

Corrine Png of Singapore-based research firm Crucial Perspective described the acquisition as a “trophy win” for Qatar Airways but not without potential obstacles. Qatar and Cathay’s two other major shareholders, Swire Pacific and Air China — which own 45 and 30 percent respectively — have “different corporate cultures” with “potentially conflicting interests and strategic focus,” said Png.

“Moreover, Air China and Qatar Airways have non-economic political interests given that they are state-owned enterprises,” Png told AFP. Cathay shares dropped around 4.4 percent in early trade but pared losses mid-morning and in the afternoon.

The troubled Hong Kong carrier in August reported a massive net loss of HK$2.05 billion ($262 million) for the first half of 2017 as it struggled with intense competition from rivals.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

qatar buys 96 of cathay pacific qatar buys 96 of cathay pacific

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

qatar buys 96 of cathay pacific qatar buys 96 of cathay pacific

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 16:17 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences

GMT 05:38 2017 Tuesday ,05 September

Serious need for progress in the peace process

GMT 00:18 2017 Wednesday ,22 February

Mugabe marks 93rd birthday with faltering TV interview

GMT 12:48 2017 Tuesday ,09 May

King, Egyptian president hold talks

GMT 18:03 2017 Friday ,17 November

HH Sheikha Moza Witnesses Opening of 2017 WISE Summit

GMT 07:18 2017 Monday ,19 June

ARC Secretary General Najla Al Shamsi in Riyadh

GMT 08:18 2013 Thursday ,31 October

\'Early medication for HIV is cost-effective\'

GMT 19:23 2017 Monday ,23 January

80 Houthi Militants Killed in Airstrikes

GMT 22:44 2017 Friday ,21 July

HM King ratifies, issues 4 laws

GMT 13:34 2016 Saturday ,29 October

Biden ‘tops Clinton list for secretary of state’

GMT 20:00 2017 Saturday ,15 July

Bahrain condemns terrorist attack in Giza

GMT 09:20 2017 Wednesday ,05 July

Mohamed bin Zayed receives phone call

GMT 14:18 2012 Sunday ,13 May

Why some men hide in bathrooms

GMT 12:26 2012 Thursday ,28 June

Pakistan releases Indian spy

GMT 20:33 2013 Friday ,09 August

New menswear brand Pin Collar Shirts launches

GMT 13:43 2013 Wednesday ,06 November

Urban Retreat announces launch of debut skincare line

GMT 15:59 2017 Wednesday ,13 September

Nahyan bin Zayed, Abdullah bin Hamad offer condolences

GMT 09:47 2017 Wednesday ,29 November

UAE has what it takes to become the future capital

GMT 18:14 2017 Friday ,03 March

The Moroccan artist Hakim prepares new song
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice