dubai world subsidiary buys daallo airlines in joint venture with founders, djibouti govt

Published November 13th, 2007 - 01:52 GMT

dubai world subsidiary buys daallo airlines in joint venture with founders, djibouti govt

New airline to be re-branded as national flag carrier of Djibouti

Dubai World company Istithmar World Aviation (IWA) Holdings has announced that it is joining with founders of Daallo Airlines and the Government of Djibouti to create a new holding company which will acquire all the shares of Daallo Airlines.

The deal will see the New Daallo re-branded and named as the exclusive National Flag Carrier of Djibouti, enjoying all routes and traffic rights held by Djibouti.

IWA Holdings is an Istithmar World company formed by the consolidation and enlargement of Dubai World's aviation investments.

Daallo currently has a fleet of 10 aircraft including Boeing 757 and Boeing 737 aircraft, and has interline agreements with leading world carriers like Emirates, Qatar Airways, Saudia, Delta Airlines, Srilankan, Alitalia and Ethiopian Airlines.

The airline has 16 years of experience operating scheduled passenger flights, cargo and charter flights to major destinations in Africa, Middle East, Asia and Europe. It has been flying to the UAE since 1992, to Paris since 2001 and London since 2002.

Mr. Sultan Ahmed Bin Sulayem, Chairman Dubai World said:
“Africa’s aviation industry can play a major role in the socio-economic development of the countries. In an environment where most air routes are dominated by foreign carriers, we see great potential in a home-grown airline like Daallo, which can provide safe and reliable air transport services, and facilitate the growth of trade and tourism.”

“Dubai World has been a major partner in the development of Djibouti’s infrastructure, where we already operate and manage a number of leisure and business projects. Daallo’s strong base in the Horn of Africa gives us the required leverage to make this region a top-notch travel and business destination.”

“We are very pleased to enter into this venture with the founders of Daallo Airlines and the Government of Djibouti. With our combined efforts and the resources being allocated, Djibouti will emerge as a valued destination for tourism and Daallo will spread its wings to become the leading air carrier in the Horn of Africa.”

Tom Ronell, CEO Istithmar World Aviation Holdings said:
“The acquisition of Daallo Airlines, is a reinforcement of Dubai World’s commitment to Djibouti, and reflects the importance of the country and the region in our business strategy. With the combined efforts of all parties, the airline is well positioned to serve the business and tourism needs of the Horn of Africa and beyond, providing safe, reliable and affordable air transport services on Africa’s lucrative intercontinental routes.”

Mohammed Ibrahim Yassin, Founder and CEO of Daallo Airlines said:
“We are gratified at the confidence placed in Daallo Airlines by our Government and by Istithmar World. With this backing and the expertise being added, we will take the New Company to a higher level, flying to more destinations and supporting the economic development of Djibouti and our neighbouring countries in the Horn of Africa, where we are the Number One airline already.”

“Teaming up with Dubai World will enable us to pursue our ambition to provide a world-class air transportation service to the continent of Africa”.

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