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

Namibia seeks new contractor for HKIA

The Namibian Government says it has restarted a “transparent and cost-sensitive” tendering process for the expansion of the Hosea Kutako International Airport (HKIA), which stalled in March after a Supreme Court ruling nullified the

Embraer celebrates the tenth anniversary of the first flight of the Phenom 100

Embraer Executive Jets is celebrating the tenth anniversary of the first flight of its Phenom 100 entry level business jet.

Ethiopian to start services to Bahrain

Ethiopian Airlines has announced that it will start services to Bahrain effective August 17, 2017 with the latest B737-800 New Generation with Sky Interior.

SAA advices of time changes to Libreville route due to airport runway upgrade

South African Airways has advised its customers of time changes on their Johannesburg to Libreville route. These changes are as a result of the upgrade work being undertaken on the airport runway at the Libreville Leon M'ba

Nigeria zones in on drone regulation

Although the International Civil Aviation Organization (ICAO) targets 2018 to publish standards and recommended practices (SARPs) for the certification and operations of drones, interest in their civil and military use in Nigeria

Lanseria international airport improves convenience for airlines and passengers

Lanseria International Airport is investing in SITA's self-service technology that will add new convenience for passengers while providing improved common-use functionality for airlines.

AfBAC Expo SK2017
See us at
Aviation Africa BT18418AfBAC Expo BT2017GroundHandling BT0303280917ACI Africa BT77181017Global Aerospace BT28218