An Emiri decree has been issued approving the 2003/04 budget for Kuwait Airways Corporation (KAC). Net losses are forecast at KD 44.9 million ($149 million), a 3 per cent increase over the previous year.

The losses will be mainly due to higher expenditure, projected at KD 255.3 million ($874 million). Revenues are projected at KD 210.4 million ($699 million). The National Assembly (parliament) has already approved the new budget for the state-owned airline. For 2003/04, KAC plans to invest up to $8 million to upgrade and refit the engines of five Boeing 777 aircraft.

The programme is part of the carrier’s plan to operate additional non-stop flights to New York (MEED 20:6:03).