Kuwait liberalizes airline sector
The Kuwaiti government has approved the liberalization of its airline sector, allowing private firms to set up passenger and freight carriers in the country. The move was endorsed by the Council of Ministers on Sunday, November 16, 2003.
According to set regulations, private companies wishing to set up an airline in Kuwait will not be able to hold more than a 30 percent stake in the venture. The remaining shares would be open for public subscription, reported Reuters.
Kuwait Airways (KAC) is currently the Emirate’s only airline. The carrier has recorded poor performance since it re-launched operations following the 1991 Iraqi invasion and has been slated for privatization. KAC was founded privately in 1954, but over a period of time was bought out entirely by the Kuwaiti government. — (menareport.com)
© 2003 Mena Report (www.menareport.com)