Qatar Airways increases AIG stake despite cargo slip
Qatar Airways has increased its investment in AIG (the owners of British Airways) despite lacklustre performance from IAG Cargo during the first quarter.
IAG Cargo’s commercial revenues for the first quarter of 2016 grew 1.5 percent to €262 million compared to the first quarter of 2015.
While cargo figures were unimpressive, IAG’s overall performance was strong enough for Qatar Airways to increase its stake in IAG from 9.99 percent to nearly 12 percent.
“These are respectable results in the face of a challenging market,” said Drew Crawley, CEO at IAG
Despite this challenging market, at the recent Arabian Travel Market conference in Dubai, Qatar CEO Akbar Al-Baker called IAG’s 2015 performance “absolutely over-the-moon”.
Oneworld alliance partners Qatar and IAG have benefited from the increased connections to North America via IAG’s British Airways subsidiary and to Asian network through Qatar’s routes.
IAG’s CEO Willie Walsh, said in February that the Qatar Airways partnership could expand joint purchases, add to code-sharing arrangements and coordinate cargo units.
European Union rules state that airlines located outside the bloc cannot own more than 49 percent of a European carrier.