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Qatar Airways agreed to acquire a stake in Cathay Pacific a deal that would help it gain a foothold in one of the world’s biggest aviation markets.

The Middle Eastern carrier announced that it will buy 9.6 percent of the total issued share per capital from Hong Kong’s flag carrier.

Commenting on the investment plan, H.E. Akbar Al Baker, group CEO, Qatar Airways, emphasised, “[…] Cathay Pacific is a fellow one world member and is one of the strongest airlines in the world, respected throughout the industry and with massive potential for the future. This investment further supports Qatar Airways investment strategy which already includes 20 percent investment in International Airlines Group, 10 percent investment in LATAM Airlines Group and 49 percent investment in Meridiana.”