Qatar buys 9.6% stake in Cathay Pacific

Doha: Qatar Airways announced on Monday it has bought a stake in Cathay Pacific, giving the Doha-based airline a toehold in the potentially lucrative Asian aviation market.

The state-owned Gulf carrier said it had acquired a 9.6 per cent stake in Cathay, which would make it the third largest shareholder in the Hong-Kong based airline.

Bloomberg News said the deal was worth $662 million (Dh2.43 billion; 570 million euros).

Qatar Airways group chief executive Akbar Al-Baker said in a company statement that Cathay was “one of the strongest airlines in the world”, adding it had “massive potential”.

The deal with Cathay Pacific also comes after Qatar Airways halted a bid in August to buy a 10 per cent stake in American Airlines.