Jazeera Airways (J9, Kuwait) is preparing to submit a bid for a sizeable stake in rival Kuwait Airways (KU, Kuwait) once the carrier's privatization process has been put in motion. According to a Reuters report, Jazeera is pursuing a 35% shareholding in the airline.
In a bid to wean the loss-making carrier off the national fiscus, the Kuwaiti parliament passed legislation in early 2013 allowing for Kuwait Airways to be privatized. Once the process has been finalized, government plans to hold a minority 20% stake in the airline with 35% to be offered to local firms, 5% to Kuwait Airways employees, and 40% to Kuwaiti citizens.
Unlike Kuwait Airways, Jazeera Airways has posted a string of strong results with a net profit of KWD8.1million (USD28 million) for its latest quarter, up 22.6% from the same period last year. It operates seven A320-200s on flights to 20 destinations in the Middle East.
