Nigeria is seeking investors from the Arabian Gulf for aviation projects and expects to finalise bids for its planned new national airline this year.
Bidders for the Nigerian airline project will be identified in March and the process of finding an investor concluded by the first half of 2019, Hadi Sirika, Nigeria’s Minister of State for Aviation, said in Dubai yesterday.
“Currently we’re in the procurement stage and investors will come and show interest and then we’ll pick,” Mr Sirika said on the sidelines of the Global Investment Aviation Summit. “It’s coming sooner than you expect.”
Plans for Nigeria Air, as the new airline is dubbed, were first revealed at the Farnborough Airshow in the UK last year. Nigeria, Africa’s largest oil producer, which loses billions of dollars in oil revenue every year because of militant attacks on its pipelines, is looking for an investor to back its new airline as it seeks the know-how and funds to help the start-up avoid the fate of its failed former national airlines.
The West African nation has seen a succession of home-grown airlines collapse or slash routes, leaving the country dependent on air services from mainly the Gulf or European airlines for travel beyond the region.
The government will retain no more than 5 per cent of the new airline’s ownership and the remaining majority stake is open to Nigerian and foreign private investors. The airline is part of a wider plan to improve infrastructure that suffered neglect and under-investment for years and the government is seeking private investment to improve the situation.
Nigeria’s aviation sector requires $12 billion to $15bn over the next few years for projects including the new airline, maintenance and overhaul facilities, airport infrastructure and air transport management, Mr Sirika said.
The minister said he is seeking investors from the Gulf to back projects in Nigeria’s aviation sector during his trip to Dubai and has seen some interest, but declined to name any potential investors.
In September, Nigeria said the plan for the new airline is suspended but Mr Sirika said on Monday the project is still ongoing.
“The plan has always been on, it was only suspended temporarily in the interim to allow it to run with road map of the aviation industry,” he said.
Ethiopian Airlines, Africa's biggest airline, has shown interest in help Nigeria as it seeks to secure stakes in new airlines in the continent.
Nigeria Airways, the previous national airline that was founded in 1958 and wholly owned by the government, ceased to operate in 2003.
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Emergency
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UAE currency: the story behind the money in your pockets
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THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
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The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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Killing of Qassem Suleimani
