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Qantas, Emirates ink 10-year deal
Source: Agencies |
September 7, 2012, Friday
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QANTAS Airways Ltd announced yesterday that it has signed a 10-year partnership deal with rival Emirates in a bid to boost the Australian airline's struggling international division.
Under the alliance, Qantas will move its hub for European flights from Singapore to Dubai, coordinate with Emirates on ticket pricing and scheduling and apply a benefit-sharing model starting in April 2013. The deal is subject to regulatory approval. Qantas said it will end its 17-year alliance with British Airways on March 31, 2013.
Neither Emirates nor Qantas will take equity in the other under the deal.
"This is the most significant partnership the Qantas Group has ever formed with another airline, moving past the traditional alliance model to a new level," Qantas CEO Alan Joyce said in a statement. "It will deliver benefits to all parts of the Group."
The deal is an effort by Qantas to save its losing international operation. Last month, it posted a A$245 million (US$249 million) annual loss in profits.
Under the alliance, Qantas will move its hub for European flights from Singapore to Dubai, coordinate with Emirates on ticket pricing and scheduling and apply a benefit-sharing model starting in April 2013. The deal is subject to regulatory approval. Qantas said it will end its 17-year alliance with British Airways on March 31, 2013.
Neither Emirates nor Qantas will take equity in the other under the deal.
"This is the most significant partnership the Qantas Group has ever formed with another airline, moving past the traditional alliance model to a new level," Qantas CEO Alan Joyce said in a statement. "It will deliver benefits to all parts of the Group."
The deal is an effort by Qantas to save its losing international operation. Last month, it posted a A$245 million (US$249 million) annual loss in profits.
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