Subscribe Free
in Business & Finance

Emirates terminates TAAG Angola management contract

Posted 11 July 2017 · Add Comment

Emirates has terminated, effective immediately, a ten-year Management Concession Agreement with TAAG Angola Airlines, reports ch-aviation.

The agreement was signed in September 2014 and saw Emirates appointing several senior managers to the Angolan carrier's board in an effort to help it reach sustainable profitability through a leaner workforce and a more commercially-viable network. Emirates acquired no equity in TAAG despite the agreement.

However, in a statement issued to the LUSA news agency on Monday, July 10, the Dubai-based carrier said it had decided to terminate its contract with TAAG following what it said were "the prolonged difficulties it has faced in the repatriation of revenues" from the sales of tickets in Angola.

As an oil-dependent economy, Angola, like Nigeria, Sudan, and Venezuela, has suffered from chronic shortages of foreign currency given decreased revenue inflows from petroleum exports.

"This issue has remained unsolved, despite numerous requests to the competent authorities and guarantees that measures would be taken," Emirates said

"With immediate effect, Emirates is ending its cooperation with TAAG - Angola Airlines - under a management concession contract in place since September 2014. We expect the issue of the repatriation of funds to be resolved as soon as possible so that business operations can be resumed according to demand.”

* required field

Post a comment

Other Stories
Advertisement
Latest News

CCD to create control rooms for Abu Dhabiís new Midfield Terminal

CCD Design and Ergonomics has been appointed to design and create four new control rooms at the new Midfield Terminal at Abu Dhabi International Airport.

Ras Al Khaimah wins Middle Eastís Leading Adventure Destination 2018í award

Ras Al Khaimah Tourism Development Authority (RAKTDA) has celebrated two major wins at The World Travel Awards 2018.

Etihad Airways to host AI Robot Sophia at ATM

Etihad Airways will introduce Humanoid Robot Sophia to the UAE as a spokesperson for the future of innovation and technology in aviation at ATM.

İstanbul New Airport will house 451-room hotel to be operated by YOTEL

İGA, the constructer and operator of İstanbul New Airport (İNA) for 25 years,and YOTEL, the London based hotel group, have signed an exclusive hotel management contract.

Emirates wins four gongs at World Travel Awards Middle East 2018

Emirates has been recognised at the World Travel Awards Middle East 2018 with four awards - Middle Eastís Leading Airline, Middle Eastís Leading Airline Brand, Middle Eastís Leading Business Class Airport Lounge and Middle Eastís

Emirates Aviation University receives official visit from Dubai Police

Emirates Aviation University has welcomed Major-General Abdullah Khalifa Al Marri, commander-in-chief of Dubai Police at its main campus at Dubai Academic City.

SOFEX SK2018
See us at
BIAS BT271017161118Global Aerospace BT2018Cargo BT1004091018AirportShow BT1502090518ASDubai BT1004091018GATM BT1004061118MEBAA BT1004121218ArabianTravelMkBT250418SOFEX BT2018Istanbul Airshow BT22018