Final decisions on KAC to be taken soon |
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Posted on 7/19/2012 |
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Minister of Communication Salem Al-Uthayna had held a meeting with the board members of Kuwait Airways Corporation (KAC) and discussed the different reports that were prepared by the administration of KAC recently, as well as the possible alternative solutions for developing the company, local English daily Al-Watan reported. Such reports and alternative solutions are expected to be submitted to the Cabinet soon, daily added.
The source described the meeting as an important one, but officials received instructions to not release any statements on the matter until final decisions are made by the government. The source added that the minister supports issuing an urgent decree for accelerating the process of privatizing Kuwait Airways and turning it into a stock company. After that, the minister will attempt either to buy or hire some planes in an attempt to tackle the problems.
If the government takes a decision for privatizing the company, Kuwait Investment Authority (KIA) will run the company for five years. When KIA starts running the company, it will endorse the required procedures for buying new planes in addition to selling the old ones. KIA will also terminate the service of employees that KAC doesn`t need to reduce the expenses of the company.
The company owns 17 planes while the number of employees of the Kuwait airways corporation reach up to 4,000, daily report says.
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