airBaltic hunts for Middle East investors

High-level business delegation heads for Qatar and UAE

A high-level business delegation headed by Latvian Prime Minister Valdis Dombrovskis will visit the United Arab Emirates, Qatar and Kuwait on March 10 to 18. Among the business leaders on the hunt for deals is airBaltic President and CEO Martin Gauss. Qatar Airways, Turkish Airlines and China’s Hainan Airlines have previously been mentioned as possible buyers of the Latvian airline’s almost entirely state-owned shares.
As reported, the loss-making airline, which carried 3.35 million passengers in 2011, intends to save LVL 330 million (€470 million) by 2016 in a cost-cutting business plan, which foresees a return to profit in 2014.
[photo courtesy airBaltic]