Mubasher: Qatar Airways on Monday announced that it is about to sign an agreement with Cathay Pacific Airways to buy 9.61% stake in the airline or around 378.19 million stocks later in the day in Hong Kong.

Akbar Al Baker, CEO of Qatar Airways, stated that Cathay Pacific is a member of One World Alliance, and one of the strongest airlines across the world.

“Cathay Pacific enjoys a good reputation among the aviation sector across the world, and it has significant opportunities for growth in the future,” Al Baker added.

Hong Kong-based Cathay Pacific provides services to more than 46 global destinations and is considered one of the top six aviation companies around the world with a five-star ranking.

Al Baker previously announced that Qatar Airways was planning to add 62 new destinations in 2018.

The new agreement enhances Qatar Airways’ investment strategy, as it currently possesses 20% of International Airline Group (IAG), 10% of South America’s LATAM Airlines, and 49% of Italy’s Meridiana.

Last month, Qatar Airways signed a commercial cooperation agreement “Interline” with a Vietnamese “VietJet” aviation company.