Qatar Airways has acquired a 35 per cent stake in European cargo airline Cargolux.

Qatar Airways chief executive Akbar al-Baker signed the agreement in Luxembourg on 9 June. The acquisition gives Qatar Airways a greater foothold in the growing freight business.

Cargolux operates a fleet of 16 Boeing 747 freighters flying to over 90 destinations around the world. It will be the launch customer of Boeing’s next generation wide body 747-8 Freighters with 13 of the aircraft-type on order.

“Our investment in Cargolux, a sound, healthy and profitable company and a leading all-cargo carrier, will deliver great value to Qatar Airways proving to be an excellent strategic partnership,” says Al-Baker.