Trade unionist says several parties interested in insolvent airline Niki

Former motor racing driver and company founder Niki Lauda, background, has already said he is interested in buying back the airline. (Reuters)
Updated 14 December 2017
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Trade unionist says several parties interested in insolvent airline Niki

BERLIN: At least three parties are interested in taking over the Niki subsidiary of collapsed airline Air Berlin, an Austrian trade unionist told broadcaster ORF on Thursday.
After Lufthansa’s planned acquisition of Niki fell through and no other buyer could be found at short notice, the unit filed a petition to open insolvency proceedings with a court in Berlin-Charlottenburg late on Wednesday.
Former motor racing driver and company founder Niki Lauda has already said he is interested in buying back the airline. According to the union’s Wolfgang Katzian other potential investors were in touch on Wednesday as well.
“I know that due to the new situation there are three to four interested parties,” he told ORF.
The collapse of Niki could threaten 1,000 jobs, and render 800,000 airline tickets worthless.
Austria’s transport ministry estimated that up to 10,000 Niki passengers could be stranded in the next two weeks and a spokesman one option for bringing them back was to charter planes.
“The end of Niki is a national disaster,” Niki’s Managing Director Oliver Lackmann said, according to Austrian daily Standard on Thursday.


More Saudi sectors opened to foreign investment

The Cabinet amended the sectors excluded from foreign investment at the meeting chair by King Salman. (SPA)
Updated 24 October 2018
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More Saudi sectors opened to foreign investment

  • The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate

RIYADH: Saudi Arabia will allow foreigners to invest in audiovisual services, land transport and real-estate brokerages, the Cabinet decided on Tuesday.

The Cabinet amended what it described as types of activity that had been previously excluded from foreign investment, after concluding its weekly meeting chaired by King Salman.

The amendment allows foreigners to invest in labor services and jobs, including recruitment offices; audio and video services; road transport services; and brokerage services for real estate.

Meanwhile, about 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market, the exchange’s chairwoman told the Future Investment Initiative in Riyadh.

Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul), said 200 more are expected to register.

Global index provider MSCI classified the Saudi equity market as an emerging market in June, a move expected to attract billions of dollars of passive funds.

Al-Suhaimi said she expected the number of qualified foreign investors to increase before and after the inclusion in the index, which is expected to happen in phases coinciding with index reviews in May and August 2019.