Kuwait Airways Corp, or KAC, is expected to make a loss exceeding 80 million Kuwaiti dinars (Dh1.04 billion or ($283 million) this year due to rising costs mainly related to salaries and maintenance expenses, Kuwait-based Al Seyassah daily reports Thursday, citing an executive.
KAC’s board has submitted studies to the cabinet about the way to operate and replace the airline’s fleet which would be put into action once the decree to convert KAC into a company is issued, Jasem Zainal, a member of KAC’s board, told the paper.
The plan includes replacing the fleet through lease-to-purchase contracts in order to revive the national carrier, and this can’t be achieved unless KAC is converted into a company under the supervision of Kuwait Investment Authority, he added.
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