AirAsia X seeks Middle East money for expansion
KUALA LUMPUR – Low-cost Malaysian carrier AirAsia’s long-haul carrier is in talks with Middle Eastern investors as it seeks fresh capital for expansion.
AirAsia X CEO Azran Osman-Rani said the Malaysian carrier needs “a stronger equity base after 2010â€.
“There has been interest from investors in the Middle East, including institutional investors and sovereign wealth funds,†he said.
AirAsia will launch direct flights from Kuala Lumpur to Abu Dhabi in late November.
It aims to expand to other Middle East destinations and into mainland Europe and north and east Africa after that.
Abu Dhabi is the airline’s first destination in the Middle East and it is eyeing Jeddah as its next spot to capitalise on travellers heading to Saudi Arabia for pilgrimages, Osman-Rani told Forbes.
Some analysts are concerned about AirAsia’s debt levels and its strategy for expansion from a new hub in Abu Dhabi.
One analyst called the Middle East move as “particularly ridiculous since not a single one of the big three Arab carriers (Emirates, Etihad and “me-too†Qatar Airways) have ever seriously considered meaningful alliance partnerships with anyone.
“Air Asia X cannot filter existing Gulf O&D traffic onto its sardine-can packed A330s for onward connection(s) to Europe.
“The Arab carriers just have too much to offer in contrast and will not have to fear losing out,†said the analyst.
Ian Jarrett
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