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August, 28, 2016

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Emirates isn't looking to purchase a stake in Australia's Qantas: chairman

SYDNEY--Emirates is not planning to buy a stake in Australian airline Qantas, a report said Monday, despite the government moving to loosen foreign ownership restrictions on the struggling carrier.

Canberra wants to alter ownership rules to allow greater foreign investment in the national airline, to help Qantas raise much-needed capital and put it on a more even footing with domestic competitors.

But Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said his company, the Middle East's largest airline whose profits surged 43 percent in 2013, had no plans to buy a stake.

"As we stated when the partnership began, neither airline is looking to take an equity stake in the other," Sheikh Ahmed told the Australian Financial Review.

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