NAIROBI, Dec 13, 2007 (AFP) - A Dubai state enterprise on Thursday announced a joint venture with the Djibouti government to buy a regional airline and turn it into the country's national carrier.
Under the agreement, Dubai World will rebrand Daallo Airlines which will become the tiny state's national flag carrier, enjoying all routes and traffic rights held by Djibouti, it said in a statement.
Daallo is 16 years old and has 10 jets, including Boeing 757s and Boeing 737s. It has links to carriers like Emirates, Qatar Airways, Saudia, Delta Airlines, Srilankan, Alitalia and Ethiopian Airlines.
Dubai World, a holding company that manages the portfolio of businesses owned by the Dubai government, did not reveal the cost of the agreement.
Dubai World will be represented by its subsidiary, Istithmar World Aviation (IWA) Holdings.
Dubai World chief Sultan Ahmed Bin Sulayem said in a statement that he hoped the deal would help make the Horn of Africa a tourist destination.
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Djibouti-UAE-aviation
