Lebanon’s MEA said to eye Cyprus Airways deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Middle East Airlines (MEA) is in talks to acquire Cyprus Airways, a source at the Lebanese carrier told The Daily Star.

According to the report, the source did not indicate whether Beirut-based MEA would seek to buy part or all of the EU operator, but that negotiations would reach a decision by the end of May.

“Middle East Airlines is currently negotiating with Cyprus Airways. The details of these talks are highly confidential because both parties signed an agreement not to disclose any details about the progress of these negotiations,” the MEA source told The Daily Star.

The source added that MEA could benefit from Cyprus Airways’ low cost of operation and expand the network of its flights abroad”. They added that MEA’s chairman Mohamad El-Hout had made several visits to the European island to hold talks with Cyprus Airways.

Cyprus Airways, which made a loss of $73.17m last year, has seen its financial standing exacerbated by the country’s deep financial crisis and this month announced its intention to lay off approximately 500 staff.

The airline is 70 percent owned by the government of Cyprus and last year held negotiations with Russia’s Aeroflot in a bid to raise fresh investment in the carrier.

Cyprus Airways currently has a fleet of nine Airbus aircraft and operates a network of 19 destinations from its base at Larnaca International Airport.

No-one from Cyprus Airways or MEA immediately responded to Arabian Business’s request for comment on the report.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Stronger together? Reviewing Emirates' historic partnership with Qantas

Stronger together? Reviewing Emirates' historic partnership with Qantas

One year after the “historic” Emirates-Qantas partnership deal...

Air Arabia to use tried and tested model in Ras Al Khaimah

Air Arabia to use tried and tested model in Ras Al Khaimah

Air Arabia signed an agreement last month to become the official...

Is Saudi Arabia ready for take off?

Is Saudi Arabia ready for take off?

Saudi Arabia has announced two new airlines and $30bn worth of...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams