Nepal’s Civil Aviation Ministry rescind's operation permit for Air Arabia; Lonrho shares up 4.4%
Nepal’s Civil Aviation Ministry reportedly rescinded an operation permit for Air Arabia to operate services between Kathmandu and Kuala Lumpur following concerns from Nepal’s International Relations and Human Rights Committee that the competition would hurt business for Nepal Airlines. Air Arabia previously planned to launch six times weekly services on the route from 16-Dec-2010.
Meanwhile, Air Arabia’s (+0.6%) shares gained slightly on Tuesday (14-Ddc-2010).
Middle East and African shares were a mixed bag on Tuesday with Kuwait National Airways (-1.4%), Air Mauritius (-1.2%) and Kenya Airways (-0.6%) down while Jazeera Airways (+1.6%), 1time (+2.4%) and Lonrho (+4.4%) shares gained ground.
Selected African and Middle Eastern airlines share price movements: (% change): 14-Dec-2010