DUBAI: The CEO of Qatar Airways says the Gulf carrier is in talks to buy a third of the freight airline Cargolux. Akbar al-Baker declined to provide financial details of the 33 percent stake in the Luxembourg-based cargo hauler at a press conference on Monday in Dubai. He says the carriers expect to reach an agreement in the coming weeks. Doha-based Qatar Airways is one of the region's fastest growing carriers, serving 100 destinations. Al-Baker said the Mideast airline sees the deal with Cargolux Airlines International SA as a way to strengthen its bottom line without drawing management resources away from its growth strategies. “We see there are synergies. Qatar Airways would like to expand. I've always said that we will only be interested in other airlines if they are healthy, if they are well-established (and if) they will add value to Qatar Airways,” he said. Cargolux couldn't be reached for comment. In its annual report released in March, CEO Frank Reimen said the carrier was conducting an in-depth review of its business model, including potential alliances with strategic partners. Cargolux generated $59.8 million in profit in 2010, rebounding from a steep loss the previous year as the global economy improved and demand for air cargo increased.
