Morocco will offer to sell a 44% stake in its flag carrier Royal Air Maroc (RAM) to a major Gulf airlines, Reuters has reported, citing an official source.
The proposal will be made during a rare tour by King Mohammed of Saudi Arabia, Qatar, the United Arab Emirates, Kuwait and Jordan that started yesterday.
“We will listen to their (Gulf airlines) ideas about how they see this partnership,” the source reportedly told Reuters. “For our part, we may propose the sale of up to 44 percent stake in RAM to the selected partner.”
The airline took $187 million from the state last year to shore up finances hit by growing competition, lower sales and higher fuel prices. The capital injection corresponds to the 44% stake the government may sell. The airline later slashed its workforce by 30% to around 3,900 to improve efficiency.Â
In April, tourism minister Lahcen Haddad told Reuters that RAM cannot meet Morocco’s tourism ambitions alone.