Qatar Airways purchases 9.6 percent stake in Cathay Pacific

Express News

By AFP|Updated: 06th November 2017

In this Jan. 15, 2015 a brand-new Qatar Airways Airbus A350 approaches eviction at the airport in Frankfurt, Germany. (File|AP).

DOHA: Qatar Airways revealed today it has actually purchased a stake in Cathay Pacific, offering the Doha-based airline a toehold in the possibly financially rewarding Asian air travel market.

The state-owned Gulf carrier stated it had actually obtained a 9.6 percent stake in Cathay, which would make it the 3rd biggest investor in the Hong-Kong based airline.

Bloomberg News stated the offer deserved USD 662 million.

Qatar Airways group president Akbar Al-Baker stated in a business declaration that Cathay was “among the greatest airlines worldwide”, including it had “enormous capacity”.

The acquisition comes throughout the continuous political crisis in the Gulf, the worst to strike the area in years.

Given That June, Qatar has actually been separated by neighbouring nations consisting of Saudi Arabia and the United Arab Emirates.

As part of that conflict, Qatar Airways has actually been stopped from flying to Saudi Arabia and the UAE, formerly popular locations for the carrier.

The handle Cathay Pacific likewise follows Qatar Airways stopped a quote in August to purchase a 10 percent stake in American Airlines.