Thursday, 1 September 2011
Kuwait Airways flies the nest
Full article in JPG format
After 18 years of political wrangling, the Kuwaiti parliament passed a privatisation law in May 2010 which proponents said would reinvigorate the country's bureaucratic, public-sector dominated economy. Cabinet ministers forced the legislation through after 28 of the emirate's 50 parliamentarians opposed it, with some arguing that the changes were tantamount to "the robbery of the wealth of Kuwait and a plan to destroy the country".
Top of the agenda was the long-awaited move to privatise Kuwait Airways, which has itself done little to preserve the emirate's wealth in recent times. The flag carrier posted losses in 20 of the last 21 years, haemorrhaging more than $3 billion including $556 million last year alone – a time when most airlines were rebounding from the global recession...