INDIA & MIDDLE EAST: Qatar confirms Cargolux investment

Qatar Airways has made it official saying it has entered into a strategic equity and commercial partnership with Cargolux with a 35 per cent stake in Europe’s leading maindeck carrier. The deal is thought to be worth between US$225 million and $290 million. Qatar Airways CEO Akbar Al Baker said that the agreement was the […]


Qatar Airways has made it official saying it has entered into a strategic equity and commercial partnership with Cargolux with a 35 per cent stake in Europe’s leading maindeck carrier. The deal is thought to be worth between US$225 million and $290 million. Qatar Airways CEO Akbar Al Baker said that the agreement was the first major step by Qatar Airways towards substantially expanding its cargo operations and a great opportunity to capitalise on a rapid growth business through synergies with Luxembourg-based maindeck carrier. “We seek to fuel our growth plans by further developing our air freight business as a major part of our overall product offering and develop Qatar as a leading global cargo hub and one of the major players in the international freight market by 2015,” said Al Baker. He also said that with the combined freighter fleets of both airlines, together with plans by Qatar Airways to convert some of its Airbus A330 passenger aircraft into freighters, the carrier will become a formidable force in the global cargo business. Frank Reimen, the president and chief executive officer of Cargolux, added: “We have identified numerous synergies owing to the complementary nature of our businesses that will enable us to develop scale and reach and strengthen our respective hubs in Luxembourg and Doha. The implementation of the cooperation plan will be a driver of high customer satisfaction, enhance our competitiveness through improved returns and benefit the Luxembourg economy overall through extra trucking and handling tonnage and the creation of new jobs.”