Dubai's Istithmar to buy stake in Djibouti airline
reuters.com
Dubai-government investment agency Istithmar said on Tuesday it has agreed to invest in Djibouti's Daallo Airlines to help the company expand in east Africa.
Istithmar, a sister company of Dubai's DP World -- which manages a port terminal in Djibouti -- joined with the founders of Daallo and the Djibouti government to buy the airline and make it the national carrier of the east African state, it said in a statement.
Istithmar did not say how much it would invest.
"With our combined efforts and the resources being allocated, Djibouti will emerge as a valued destination for tourism and Daallo will spread its wings to become the leading air carrier in the Horn of Africa," Sultan bin Sulaymen, chairman of Dubai World, is quoted as saying in the statement. Dubai World owns Istithmar.
Daallo Airlines operates 10 aircraft and flies to destinations in Africa, the Middle East, Europe and Asia, Istithmar said.
