Kuwait airline privatization plan wins Cabinet nod
KUWAIT CITY—Kuwait's Cabinet has approved a draft law to privatize struggling state carrier Kuwait Airways within three years.
Minister of Communications Salem al-Uthaina told the official Kuwait News Agency late Sunday that the measure calls on the airline's board to sell a 35 percent stake to the highest bidder.
The draft law has been referred to the country's legislature.
An earlier attempt to privatize the airline fizzled last year when the Cabinet recommended the airline be restructured before pursuing the sale of a 35 percent stake.
The airline is hurting financially as it struggles to compete with newer rivals such as Dubai's Emirates and Qatar Airways.