Airline Finance News - Africa / Middle East

Airguide Online, March 26, 2007

Mar 26, 2007

Air Arabia

Air Arabia launches IPO worth nearly $700 million Air Arabia's AED2.57 billion ($698.9 million) IPO was scheduled to launch yesterday as 55% of the airline's share capital equal to 2.57 billion shares was put up for sale. Mar 19, 2007

El Al

El Al lost $44.4 million in 2006 owing to capacity increases driven by heightened competition and the war in Lebanon, Israeli business daily Globes reported. Sales rose 3% to $1.66 billion but the number of available seats climbed 21%. Mar 23, 2007

Qatar Airways

Qatar Airways won Australian government approval for daily service to Melbourne, Deputy Prime Minister and Minister for Transport Mark Vaile told reporters last week. QR also can introduce a second daily service to an additional Australian city next year. In response, Qantas CEO Geoff Dixon said his airline "will have no option but to achieve further cost savings if it is to remain competitive" now that more carriers are gaining access to the country. He noted that three government-owned airlines from the Middle East--QR, Emirates and Etihad Airways--will compete with QF on routes from Australia to Europe, which "reinforced the need for Qantas to continue to restructure and lower its cost base." He added that "this is something that some unions, who have been calling for further guarantees in relation to the. . .bid for Qantas, need to realize" Mar 19, 2007

Saudi Arabian Airlines

Saudi Arabian Airlines will sell 49% of its catering unit to a coalition of Saudi and Spanish firms for $373.4 million, according to the Arab Air Carriers Organization. Mar 22, 2007

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Mar 19, 2007