Emirates (EK, Dubai Int'l) has terminated, effective immediately, a ten-year Management Concession Agreement with TAAG Angola Airlines (DT, Luanda).
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," it ended.
As part of its winding down of its Angolan operations, Emirates has also scaled back its 5x weekly Dubai Int'l-Luanda service, to 3x weekly effective July 10.
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," it ended.
As part of its winding down of its Angolan operations, Emirates has also scaled back its 5x weekly Dubai Int'l-Luanda service, to 3x weekly effective July 10.
ch aviation
FPP - Lisboa
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