US and UK-based banks and consultants will handle the privatisation of Kuwait Airways Corporation
Kuwait plans to appoint the US’ Citigroup, the UK’s Ernst & Young and US aviation services firm Seabury to handle the privatisation of Kuwait Airways.
The companies are expected to sign the contracts shortly.
State-run Kuwait Investment Authority (KIA) awarded the consortium of local Abdulhammed Al-Sarraf & Partners and the US’ Baker & MacKenzie the contract to provide legal advisory services on the privatisation of the carrier on 25 June (MEED 1:7:10).
Kuwait’s parliament approved a plan in 2008 to privatise the national carrier. Under the plan, the government will sell 40 per cent of the national carrier to the public and 35 per cent to a long-term investor.
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