KUWAIT, May 26 (KUNA) -- Kuwait Airways Co. (KAC) signed an agreement with the International Air Transport Association (IATA), for the latter's assistance in the privatization process KAC is undertaking.
The agreement also highlights IATA's services in the preparation of a comprehensive workplan for the restructuring and development of KAC through professional assistance over the next five years.
"Opting for IATA's assistance stems from its long experience, that extends to around 65 years in the aviation industry, and its ability to integrate good visibility with human capacity and practical experience as well as its better understanding of the most appropriate options," KAC public relations and media director Khaled Al-Khulaifi told KUNA on Sunday.
Al-Khulaifi added that IATA has considerable expertise in plans that lead to the development of profitability which will lead to the successful achievement of the privatization process.
The overall objective of the agreement is to provide consulting services for KAC while finding the best ways to transform Kuwait Airways and the Kuwait Aviation Services Company (CASCO) into a successful commercial entity and to make the company more attractive to a strategic investor over the next three years.
IATA's services will include the preparation of a five-year plan; ensuring future commercial success, simplifying the commercial, operational, administrative and financial aspects of the company as well as making KAC a profitable trading company.
The IATA expert body that will be providing this assistance includes project officer Mike Robinson, project manager Leslie Watson and a team of consultant executives.
KAC's privatization process to transform the once public company into a Kuwaiti shareholding company is based on a local law, earlier adopted by the National Assembly. (end) fnk.abd.ss KUNA 261553 May 13NNNN