Some six Kuwaiti investment groups plan to establish a cargo airline service with a capital of 100 million Kuwaiti dinars ($330 million), reported Al-Qabas . The companies forming the alliance are Al-Refai Group, Khaleefa Al-Jassim & Sons, Al-Rumi, Efad Holding Company and Al Kharafi Group.
This past November, the Kuwaiti government approved the liberalization of the nation’s airline sector, allowing private firms to set up passenger and freight carriers. According to set regulations, private companies wishing to set up an airline will not be able to hold more than a 30 percent stake in the venture. The remaining shares would be open for public subscription. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
