Investment opportunity

Iraqi Airways is seeking international investors to operate the five aircraft that remain from its once large fleet.

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By  Neil Denslow Published  April 11, 2004

Iraqi Airways is seeking international investors to operate the five aircraft that remain from its once large fleet. An advert in an Iraqi newspaper said that the carrier was accepting bids to overhaul three Boeing 727s and two 747s, which have been sitting in the Jordanian desert and in Tunisia for over a decade. "The planes are to be operated on joint basis, taking into consideration the experience and abilities of Iraqi Airways," the advert said, reported Reuters. The five aircraft were the only ones in the Iraqi Airways fleet to escape from Iraq before the first Gulf War; the carrier has not operated international flights since the war. A deal to sell off the airline was recently scrapped after the Iraqi Governing Council objected to the US-led administration’s plans. The carrier is now reduced to a skeleton company, which retains its status as public enterprise under the transport ministry's jurisdiction. It is not clear when Iraqi Airways could resume services, or even if the five aircraft will prove operable.

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