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

Qatar trains focus on huge upgrade

A major new training establishment is to be built in Qatar, as part of the support structure for the Gulf nation’s forthcoming massive build-up in military aviation assets. Alan Dron reports.

Etihad Cargo introduces new freighter network

Etihad Cargo has announced a refresh of its global freighter network that will be implemented commencing 1 October, 2018, marking a key milestone in its strategy to simplify its route network and maximise freighter-to-bellyhold

XO Jet becomes part of Vista group

The third largest US business jet charter operator by flight hours, XO Jet, which is part-owned by Abu Dhabi’s Mubadala, has been bought by Vista Global.

Inmarsat and Panasonic Avionics in strategic collaboration for Commercial Aviation

Inmarsat and Panasonic Avionics Corporation (Panasonic) have agreed a strategic collaboration, for an initial ten-year period, that enables them to combine their highly complementary market leading services to offer broadband

Fourth Middle East Safety Summit to go ahead in October in Riyadh

The General Authority of Civil Aviation (GACA), in collaboration with the International Civil Aviation Organization (ICAO), will organise the Fourth Middle East Safety Summit from 2-3 of October 2018 in the capital city of Riyadh.

Predicting what's next in the tailor-made revolution

The fusion of big data, artificial intelligence (AI) and in-flight connectivity is changing the way airlines do business. Steve Nichols looks at how cutting-edge technology is changing what you eat, read, and watch on flights, without

TAA SK0902311218
See us at
MarrakechAirshow BT2507241018Aviation Africa BT0607280219MEBAA BT1004121218Istanbul Airshow BT22018ASDubai BT1004091018MAPS18_BT1207131118GATM BT1004061118AIME19BTA3005120219Cargo BT1004091018BIAS BT271017161118