WORLD NEWS

Jazeera Airways seeks 35 percent stake in Kuwait Airways

May 31, 2015, 10:25 AM

DUBAI, United Arab Emirates (AP) — Mideast discount carrier Jazeera Airways says it is seeking to acquire 35 percent of struggling government-owned Kuwait Airways.

Kuwait-based Jazeera said in a statement Sunday that it has formally submitted a letter of intent to acquire the stake, the largest allowed by a single investor as part of a government-led privatization process.

Jazeera says it aims to make Kuwait Airways “a leading airline that meets the ambitions of the Kuwaitis and travelers across the world.”

It did not say how much it was seeking to pay for the stake.

Kuwait Airways is one of the Mideast’s oldest airlines but has struggled in the face of competition from younger Gulf carriers such as Qatar Airways and Dubai’s Emirates.

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Jazeera Airways seeks 35 percent stake in Kuwait Airways