Qatar Airways said today it has bought nearly 10 per cent of the parent company of British Airways and Spain’s Iberia, deepening wealthy Qatar’s business ties to Europe and intensifying competition with the airline’s fast-growing Gulf rivals.
The Qatari government-backed airline said the decision to buy 9.99 per cent of International Consolidated Airlines Group, also known as IAG, was part of an effort to enhance its operations and strengthen commercial ties with the European company .
Qatar Airways is following in the footsteps of Emirati rival Etihad, which has aggressively bought up stakes in foreign airlines, including Italy’s Alitalia and Germany’s second-biggest airline, Air Berlin.