Airbus and Kuwait plan finance unit

Kuwait City : Kuwait's Islamic firm Investment Dar is in talks with European plane maker Airbus to set up a joint venture to finance aircraft purchases, a newspaper said.

Kuwait's Al Rai newspaper said the joint venture would have a capital of 100 million dinars ($347.1 million), of which 50 per cent would be sold in a private placement.

It did not disclose the source of the report.

Investment Dar could not be immediately reached for comment. A spokesman for EADS had no immediate comment.

Investment Dar would own 30 per cent, while Airbus would get 20 per cent of the new firm, the paper said.