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Akbar Al Baker, Chief Executive, Qatar Airways
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The CEO of Qatar Airways has said his airline is recovering quickly from the ongoing dispute with Saudi Arabia and other countries.
Qatar is locked in a blockade dispute with neighboring countries which has curtailed airspace rights over the country. The airline’s management predicts it will swing to a full-year loss as a result of the diplomatic standoff.
Speaking at the CAPA aviation conference in Singapore, Akbar Al Baker told CNBC Tuesday that this year had been one of the hardest of his career.
“For a CEO to lose 11 percent of the network and 20 percent of the revenue stream is really very painful,” said Al Baker.
“Soon we will cover the loss of the network we had due to our blockade,” he added.
Meanwhile, Qatar Airways has agreed to buy a near 10 percent stake in the Hong Kong airline Cathay Pacific for $661 million, as it looks to benefit from a growing Chinese market.
The airline already owns 20 percent of International Consolidated Airlines Group, the parent of British Airways, as well as 10 percent of South America’s LATAM Airlines Group and 49 percent of Italy’s Meridiana.
Al Baker told CNBC in September that the company also wanted to invest in the United States.
