Cathay Group’s investment of more than HK$100 billion over the next seven years in its fleet is no gamble and subject to close scrutiny of demand as well as competition amid Hong Kong tourism industry’s ongoing recovery, the firm has said.
The group’s CEO Ronald Lam Siu-por said on Tuesday the fleet investments underscored the firm’s confidence in the city as an international aviation hub, and its determination to seize new opportunities from the coming operation of the three-runway system at the Hong Kong International Airport.
“This is a testimony to our confidence about the future of Hong Kong and the future of Hong Kong as an international aviation hub,” Lam said at a ceremony to mark the purchase of up to 150 Airbus aircraft, which was part of the investment.
“The largest part of the capital investment of the HK$100 billion investment consists of fleets.
“So in the coming few years, we’ll be very busy taking new deliveries, which will put us in a much better position in terms of expansion, as well as contribute to our sustainability leadership agenda as well.”
Alex McGowan, Cathay’s chief operations and service delivery officer, was tight-lipped about the investment’s funding model but he assured that the decision was made after weighing up the demand and competition, as well as Hong Kong’s tourism outlook.
