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

Ethiopian Airlines wins SKYTRAX World Airline Award for the Best Airline in Africa

Ethiopian Airlines has won SKYTRAX World Airline Award for the Best Airline in Africa for second successive year.

Routes Africa 2018 Marketing Awards winners announced

The winners of the Routes Africa 2018 Marketing Awards have been revealed, with Cape Town Air Access the overall winner through to the final at World Routes in Guangzhou.

FIA2018: Rockwell Collins recognised by Airbus as a top performer for avionics support

Rockwell Collins has been honoured with a Customer Services Award for its avionics service by Airbus and its customer airlines at a special ceremony at the Farnborough Air Show held yesterday.

FIA2018: Africair signs PA for first Bell 407GXi in Africa

Bell Helicopter, a Textron company, has announced that Africair has signed a purchase agreement for the first Bell 407GXi in Africa.

Air Partner lion relocation flight is a roaring success

Air Partner, a aviation services group, was recently called upon to assist in the successful relocation of a lion on behalf of the Born Free Foundation.

Ethiopian Airlines selected as Dowty Propellersí authorised repair facility for Bombardier Q400s

Dowty Propellers has announced an agreement establishing Ethiopian Airlines as an authorised repair and overhaul facility in Africa for propellers on Bombardier Q400 regional airliners.

TAA SK0902311218
See us at
AviationAfrica_BT0607280219AirCargoAFA_BT220318210219AAD2018 BTGroundHandling BT2205130918