Flag carrier offers 35% stake

Kuwait's loss-making national carrier, Kuwait Airways, could soon become the first government-owned airline in the Gulf to be privatised. The Privatisation Committee of Kuwait Airways has asked potential investors to submit their interest in buying 35 per cent of the predetermined share capital of 220 million Kuwaiti dinars (Dh2.95 billion), setting August 25 as the deadline for submission. The privatisation committee added that the only firms eligible for the stake sale would include joint-stock companies listed on the Kuwait Stock Exchange or some specialised international companies. "The subscription process is not open to Kuwaiti domiciled airline operators," it said in the statement, adding that the Kuwait Investment Authority plans to acquire 20 per cent of the stake. Article continues below The carrier, according to the company's statement, however, is the leading carrier in Kuwait with a "2010 market share of 31 per cent" by passengers transported, which being the only domestic operator offering long-haul flights.