Subscribe Free
in Business & Finance

Kuwait Airways set to secure government funding

Posted 25 January 2017 · Add Comment

Kuwait Airways has been given the green light to access KWD600 million dinars (USD1.96 billion) in capital funding from the Kuwaiti General Reserve Fund (KGRF), report ch-aviation.

The disbursement was approved by the country's Financial and Economic Affairs Committee (FEAC) during a hearing on Sunday, January 22.

Following an earlier rejection in December, FEAC Rapporteur MP Safa Al-Hashem said that the approval was unanimous with committee members arguing that the funding was "a positive step" in driving change at the state-owned airline.

Al Hashem pointed out that of the six business scenarios presented to the committee, none had succeeded in convincing her of the airline's path to success. However, given the seriousness of Kuwait Airways' financial state, the motion to approve was passed.

"Unfortunately, Kuwait Airways suffers from many problems, including the inability to negotiate with banks and a lack of proper management needed to extricate the carrier from its current bottleneck without borrowing money," she said.

* required field

Post a comment

Other Stories
Latest News

A man with a tourism plan

EgyptAir Holding Company’s tourist arm – Karnak – is working hard to put the country firmly back on the visitor map. Gamal ElGazzar, VP tourism, explains the steps it needs to take.

UK travellers heading to Tunisia should ensure travel insurance

Following news Thomas Cook has joined TUI in reintroducing Tunisian holidays from February 2018, travel insurance technology expert Aquarium Software is advising holidaymakers planning a trip to Tunisia this Easter that

Emirates wins three Passenger Choice Awards at APEX Asia

Emirates received three Regional Passenger Choice Awards for Best Entertainment in the Middle East, Best Inflight Wi-Fi in the Middle East, and the Best Overall Experience in the Middle East at the 2018 APEX Passenger Choice Awards

Tiger wants the Russians to roar

Tiger Aviation Services (TAS) started its ground-handling services with just four staff in a small office at Cairo International Airport nearly three decades ago

Sky Prime licensed for part 151 to operate ground handling services

Sky Prime has become the first Saudi private aviation company licensed the part 151 to operate ground handling services.

Etihad and SWISS sign codeshare

Etihad Airways and Swiss International Air Lines (SWISS) have launched a new codeshare partnership with bookings effective immediately.

Aviation Africa SK18418
See us at
BIAS BT271017161118Aviation Africa BT18418SOFEX BT2018MEBAA BT2018Global Aerospace BT2018ArabianTravelMkBT250418AirportShow BT1502090518Istanbul Airshow BT22018